Economists have long known that moods, weather, even religious beliefs can affect investor behavior.  Now, a new study shows that stock returns during the Muslim Holy Month of Ramadan, vary significantly from those at other times of the year. 

Ahmad Etebari is a Professor of Finance and chair of the University of New Hampshire Department of Accounting and Finance.  He is also lead author of the paper, 鈥淔ast Profits: Investor Sentiment and Stock Returns During Ramadan.鈥
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