Debunking the Monday Irrationality through the External Affection of Investors
This study aims to reveal the mechanism of the influences of the full moon and high temperatures on investors’ Monday irrationality. In contrast to other studies, this research was built under a retroductive approach by using a time series quasi experimental study. Investors were directly assessed...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Gadjah Mada International Journal of Business
2016
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| Subjects: | |
| Online Access: | http://eprints.usm.my/38616/1/Debunking_the_Monday_Irrationality_through_the_External_Affection_of_Investors.pdf |
| _version_ | 1825833889480835072 |
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| author | Brahmana, Rayenda Hooy, Chee Wooi Ahmad, Zamri |
| author_facet | Brahmana, Rayenda Hooy, Chee Wooi Ahmad, Zamri |
| author_sort | Brahmana, Rayenda |
| collection | USM |
| description | This study aims to reveal the mechanism of the influences of the full moon and high temperatures
on investors’ Monday irrationality. In contrast to other studies, this research was built under a
retroductive approach by using a time series quasi experimental study. Investors were directly assessed for
their irrationality by using an adapted psychometric test on 4 occasions. The results indicate that there were
indeed effects of the full moon and high temperatures on investors’ irrationality. Because the full moon
and high temperatures frequently occurred on Mondays, it is most probably those two variables that were
the drivers of the Monday irrationality. In the end, we concluded that the rational behaviour assumption
can no longer be held. Instead of rationality, the investors were quasi rational. The utility function of Von
Neumann-Morgenstern in decision making has to be replaced by the hedonic utility. |
| first_indexed | 2024-03-06T15:14:32Z |
| format | Article |
| id | usm.eprints-38616 |
| institution | Universiti Sains Malaysia |
| language | English |
| last_indexed | 2024-03-06T15:14:32Z |
| publishDate | 2016 |
| publisher | Gadjah Mada International Journal of Business |
| record_format | dspace |
| spelling | usm.eprints-386162018-02-01T00:36:11Z http://eprints.usm.my/38616/ Debunking the Monday Irrationality through the External Affection of Investors Brahmana, Rayenda Hooy, Chee Wooi Ahmad, Zamri HD28-70 Management. Industrial Management This study aims to reveal the mechanism of the influences of the full moon and high temperatures on investors’ Monday irrationality. In contrast to other studies, this research was built under a retroductive approach by using a time series quasi experimental study. Investors were directly assessed for their irrationality by using an adapted psychometric test on 4 occasions. The results indicate that there were indeed effects of the full moon and high temperatures on investors’ irrationality. Because the full moon and high temperatures frequently occurred on Mondays, it is most probably those two variables that were the drivers of the Monday irrationality. In the end, we concluded that the rational behaviour assumption can no longer be held. Instead of rationality, the investors were quasi rational. The utility function of Von Neumann-Morgenstern in decision making has to be replaced by the hedonic utility. Gadjah Mada International Journal of Business 2016 Article PeerReviewed application/pdf en http://eprints.usm.my/38616/1/Debunking_the_Monday_Irrationality_through_the_External_Affection_of_Investors.pdf Brahmana, Rayenda and Hooy, Chee Wooi and Ahmad, Zamri (2016) Debunking the Monday Irrationality through the External Affection of Investors. Gadjah Mada International Journal of Business, 18 (1). pp. 83-105. ISSN 1141-1128 https://doi.org/10.22146/gamaijb.9293 |
| spellingShingle | HD28-70 Management. Industrial Management Brahmana, Rayenda Hooy, Chee Wooi Ahmad, Zamri Debunking the Monday Irrationality through the External Affection of Investors |
| title | Debunking the Monday Irrationality through the External
Affection of Investors |
| title_full | Debunking the Monday Irrationality through the External
Affection of Investors |
| title_fullStr | Debunking the Monday Irrationality through the External
Affection of Investors |
| title_full_unstemmed | Debunking the Monday Irrationality through the External
Affection of Investors |
| title_short | Debunking the Monday Irrationality through the External
Affection of Investors |
| title_sort | debunking the monday irrationality through the external affection of investors |
| topic | HD28-70 Management. Industrial Management |
| url | http://eprints.usm.my/38616/1/Debunking_the_Monday_Irrationality_through_the_External_Affection_of_Investors.pdf |
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