Will stock rise on Valentine’s Day?
ISSN: 1940-5979
Article publication date: 27 May 2021
Issue publication date: 24 November 2022
Abstract
Purpose
This study is a pioneer in the academic literature to investigate the relationship between Valentine’s Day and stock market returns of major economies around the world.
Design/methodology/approach
Specific control variables for Valentine's Day are introduced to eliminate the potential influence of other effects.
Findings
The findings indicate that stock returns are higher on the days when Valentine's Day is approaching than on other days for most cases, showing “the Valentine Effect” in the stock market.
Originality/value
Unlike other holiday effects in the previous literature, the Valentine's Day effect cannot be explained by many conventional theories, such as tax-loss selling and the inventory adjustment hypothesis.
Keywords
Citation
Tai-Leung Chong, T. and Hou, S. (2022), "Will stock rise on Valentine’s Day?", Review of Behavioral Finance, Vol. 14 No. 5, pp. 646-667. https://doi.org/10.1108/RBF-02-2021-0015
Publisher
:Emerald Publishing Limited
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