Finance with a halloween twist: a meeting of the scientific club “Current issues of economics and finance ”

As part of the activities of the “Current Issues of Economics and Finance” Scientific club, another meeting was held on 29 October 2026. Organised by the Department of Economics, Management and Finance of Berdyansk State Pedagogical University, the meeting focused on exploring unusual economic and financial phenomena through the lens of Halloween. The selected topics brought together issues related to stock market performance, the economics of holiday spending, and behavioural aspects of investment decision-making. For students enrolled in the educational and professional programs “Finance, Banking and Insurance” and “Business Economics”, the meeting provided an opportunity to explore current issues in financial markets, entrepreneurship and investment behaviour.

The Halloween Effect, a seasonal pattern in the stock market, was examined on the basis of the article by Ben Jacobsen and Cherry Y. Zhang, The Halloween Indicator, “Sell in May and Go Away”: Everywhere and All the Time (2021). Participants were introduced to the findings of a study covering 108 countries and more than 55,000 monthly observations. They discussed the characteristics of this effect and the potential application of the “Sell in May and Go Away” investment strategy.

Another topic focused on the economics of Halloween. Drawing on statistical data from the National Retail Federation (NRF), participants explored the structure of Halloween spending and demand for costumes, sweets, decorations and entertainment. They also discussed how seasonal marketing and digital technologies, particularly artificial intelligence, influence consumer behaviour and create opportunities for retailers, small businesses and the service sector.

The impact of fear on investment decisions was examined through the research by Silvia López-Guzmán and Santiago I. Sautua, Effects of a Fearful Emotional State on Financial Decisions in the Presence of Prior Outcome Information (2024). Based on an experiment involving 401 participants, the discussion explored how emotional states and prior information influence willingness to invest and assess financial risks.

The meeting took the form of an academic discussion, fostering the development of analytical thinking and critical understanding of economic phenomena among students of the educational and professional programs “Finance, Banking and Insurance” and “Business Economics”. The discussion of stock market seasonality, the economic aspects of Halloween and the influence of emotions on investment decisions helped connect theoretical knowledge with contemporary research findings and international practice. The meeting reaffirmed the relevance of the selected topics and their importance for developing the research skills of future professionals in economics and finance.

Based on materials by
Ganna Kostenko, Associate Professor
Department of Economics, Management and Finance