Cross-cultural differences in seasonality

Bley, Jorg; Saad, Mohsen

doi:10.1016/j.irfa.2010.08.004

Cited by 30 publications

(20 citation statements)

References 49 publications

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“…Some of the studies executed on financial anomalies have concentrated on Islamic calendar regularities, which advocate that stock returns are probable on certain Muslim Events like Ashoura, Eid Milad-un-Nabi (SAW), Ramadan, Eid-ul-Fitr and Eid-ul-Adha (Białkowski, Etebari, & Wisniewski, 2012;Bley & Saad, 2010;Husain, 1998 etc. ).…”

Section: Islamic Calendar Anomaliesmentioning

confidence: 99%

“…The results showed that the average returns did not change across the Holy month of Ramadan but they exhibited a drop in volatility. Bley and Saad (2010) tried to analyze the Gulf countries and showed significant positive return on Holy event of Eid-ul-Fitr in all Gulf countries except Bahrain, which is a smallest market in the Gulf region. McGowan and Jakob (2010) investigated the impact of Eid-ul-Fitr on Malaysian Stock Exchange and came to conclusion that Eid-ul-Fitr effect does not exist in Malaysian Stock Exchange.…”

Section: Islamic Calendar Anomaliesmentioning

confidence: 99%

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Impact of Muslim Holy Days on Asian stock markets: An empirical evidence

Ali

Akhter

Ashraf

2017

Cogent Economics & Finance

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This study investigated the impact of Muslim Holy Days on daily stock returns of Asian financial markets for a period of [2001][2002][2003][2004][2005][2006][2007][2008][2009][2010][2011][2012][2013][2014]. These markets include Pakistan, Bahrain, Saudi Arabia, and Turkey. The study has tried to isolate the effect of Gregorian calendar anomalies from Muslim Holy Days to certify that the documented effect is actually a result of Muslim Holy Days rather than Gregorian calendar anomalies. Pooled fixed/random effect Panel Regression is used to check the underlined effect. The results reveal that Eid-ul-Fitr is the only Holy day, which has significant positive effect on stock returns of Asian markets, while all other Holy Days have no effect. Friday is the only Gregorian calendar anomaly, which exists in Asian markets. These results provide support to the fact that both Islamic and Gregorian calendar anomalies exist in Asian markets. PUBLIC INTEREST STATEMENTThis study attempts to investigate the impact of five Muslim Holy Events (Eid-ul-Fitr, Eid-ul-Adha, Eid-Melad-un-Nabi, Ramadan and Ashura) on stock markets of Pakistan, Bahrain, Saudi Arabia, and Turkey. The results reveal that Eid-ul-Fitr is the only Holy day, which has significant positive effect on stock returns of Asian markets, while all other Holy Days have no effect.

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Section: Islamic Calendar Anomaliesmentioning

confidence: 99%

Section: Islamic Calendar Anomaliesmentioning

confidence: 99%

Impact of Muslim Holy Days on Asian stock markets: An empirical evidence

Ali

Akhter

Ashraf

2017

Cogent Economics & Finance

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“…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.…”

Section: Introductionmentioning

confidence: 99%

Islamic calendar anomalies: Evidence from Pakistani firm-level data

Halari

Tantisantiwong

Power

et al. 2015

The Quarterly Review of Economics and Finance

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“…"As early as 1988, they found that pre-holiday returns are 23 times higher than those on other days for the US besides Ariel (1990) found 10 times higher returns compared to the rest of the year. Even more, several empirical studies report that returns preceding religious holidays tend to be superior to returns of other holidays (see Cao et al 2009 andBley andSaad 2010). And this pre-holiday e¤ect has not only been established in the US in several studies 2 , but also in several other markets.…”

Section: Whish It Could Be Christmas Every Day -Stock Markets Beformentioning

confidence: 96%

“…Before Christmas, investors are more euphoric, optimistic, and in a positive mood and buy more stocks 4 . Furthermore, according to the …ndings of Bley and Saad (2010) holiday e¤ects are obviously driven by investor cultural backgrounds and religious beliefs 5 . Thus, the positive Christmas e¤ect is mostly found in Christian countries."…”

Section: Whish It Could Be Christmas Every Day -Stock Markets Beformentioning

confidence: 99%

Christmas Economics - A Sleigh Ride

Birg

Goeddeke

2014

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract Do you believe that at Christmas time the gas prices, the economy and the number of suicides peak? Do you think that the value of presents you are giving to your beloved is of importance? We show in this paper that conventional wisdom about Christmas is often doubtful. Furthermore, we give an idea of how Santa Claus -and maybe you -is able to …nance Christmas celebrations, why emergency departments are a place to especially avoid during this time of the year and why Christmas tree growers might care to explain the di¤erences across species to you this year. We cannot clearly establish whether Christmas entails a welfare loss or gain, however, we give you an idea as to which institutional settings might reduce a potential welfare loss. Also, we give advice about which behaviours might get you more Christmas presents from Santa this year. Finally, we …nd that more research is needed to give conclusive reasons why Santa Claus actually brings presents to (nearly) everyone. Terms of use: Documents in EconStor mayJEL classi…cation: A12, D1, D6, E3, H4, I1, Z1, XM45

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Cross-cultural differences in seasonality

Cited by 30 publications

References 49 publications

Impact of Muslim Holy Days on Asian stock markets: An empirical evidence

Impact of Muslim Holy Days on Asian stock markets: An empirical evidence

Islamic calendar anomalies: Evidence from Pakistani firm-level data

Christmas Economics - A Sleigh Ride

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