Capital Gains Taxation and Year‐end Stock Market Behavior

Does January Effect Exist in Bangladesh?

“…Hence, January returns appeared to be more than eight times higher than returns during a typical month. Branch (1977), Dyl (1977), Keim (1983), Reinganum (1983), Haugen and Jorion (1996), Mehdian and Perry (2002) also confirmed existence of the January effect in the U. S. stock markets. Gultekin and Gultekin (1983) reported international evidence of "January effect" and therefore makes this a global issue.…”

Islamic calendar anomalies: Evidence from Pakistani firm-level data

“…However, a relatively small number of investigations have begun to study the existence of monthly calendar anomalies in the stock markets of Muslim countries such as Pakistan (Ali and Akbar, 2009;Zafar et al, 2010;Rafique and Shah, 2012). Calendar anomalies may be explained by the tax system of a country (Dyl, 1977;Roll, 1983;Dbouk et al, 2013), the institutional structures within a market (Hepsen, 2012), the trading mechanisms that may be in place (Fama and Blume, 1996) or cultural factors (Chan et al, 1996;Bley and Saad, 2010); hence differences would be expected in the monthly performance of equities from one country to another. Thus, an analysis for a country such as Pakistan may offer interesting insights because monthly anomalies may be different from those in developed nations.…”

The Behavior of Stock Prices during Lent and Advent

“…Usually, in the proximity of Christmas and Easter Sunday, many investors go in holidays and the stock markets' activity declines [13,21,26,47,52]. Some circumstances specific to the end of the year could also affect the stock markets behavior [23,29]. Kamstra et al [45] identified a significant impact of the SAD cycle on the stock markets.…”