Literature review on holidays and the stock market

Aswath Damodaran is consistent evidence that returns on Mondays are more negative than returns on any other day of the week. The types available on the Nigerian stock market are divided into two groups. On the other hand, average returns on Friday are found to be positive and higher than average returns for the rest of the week.

Significant pre-holiday returns also exist in other markets. Here, the interest that is paid on the loan stock is charged against the operating profit and so the cost of interest payment.

For these reasons, scholars have recently been studying calendar anomalies that are characteristic of the financial markets and finding that they contradict the EMH Nasir et al. The week effect was studied by Kiymaz and Berument Canvas student app for windows Canvas student app for windows.

Thus, this anomaly seems to have a global presence. A priori, this is impossible to answer. However, the research on African stock markets regarding this issue is virtually non-existent. Using CRSP daily returns, they found that the turn-of the-month effect persists throughout the period — In fact, this public information does not even have to be of a strictly financial nature.

This day is the trading day prior to the New Year and is thus one of the pre-holidays included in the above tests. Arsad and Coutts and Steeley found that the general trend of the market is an important variable in determining the existence of the day-of-the-week effect.

In other words, the holiday returns are the daily returns for the trading weekday that follows a non-trading weekday. Request for ethical approval.

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This review of existing literature suggests that the attention paid to religious calendar effects has been low compared to other effects mentioned earlier.

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As shown in Table IV Bthe incremental return earned on pre-New Year's in excess of that earned on other pre-holidays is negligible for the value-weighted index but is large and statistically significant for the equally-weighted index, consistent with Roll's claim that small firm January effect high returns start on the day before New Year's.

Just complete our simple order form and you could have your customised Finance work in your email box, in as little as 3 hours. The objectives of the Nigerian stock exchange is the machinery for the mobilization of private and public savings and making them available for productive investment through stocks and shares to facilitate the purchase and sale of securities amongst others.

They reported that average returns are significantly negative on Mondays and that these are significantly lower than the average returns for other weekdays in the USA. The EMH, particularly in its semi-strong and strong forms, is often strongly criticised.

The stock market actually rose on average every other day of the week. Therefore, the stock price may have already incorporated both public and private information and evaluated it in a much more objective and informative way than even insiders.

To resolve this difference of findings, this paper investigates whether the holiday effect persevere across size decide set.

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Managerial and Financial Accounting, Vol. The present study examines the dealings of all exchanges upon the return to trading and includes six major exchanges Japan, Australia, Hong Kong, London, Canada and the USA. I include a separate subsection for each calendar anomaly.

Thus, the EMH predicts that at any point in time, market prices should incorporate and reflect all available information.

NYSE Holiday Closings 2017-2018

In all of these areas, he has published, contributed chapters to books, edited books and presented papers to national and international conferences. More so, the capital market is a network of individuals, institutions and instruments involved in the efficient channeling of funds from the supply to deficit economic units.

10 Shaista Wasiuzzaman, Seasonality in the Saudi stock market: The Hajj effect, The Quarterly Review of Economics and Finance, CrossRef 11 Osamah Al-Khazali, Elie Bouri, David Roubaud, Taisier Zoubi, The impact of religious practice on stock returns and volatility, International Review of Financial Analysis,52, CrossRef.

literature review of nigeria stock market MARKETING In this chapter, which is basically the review of relevant literatures, discussion would be focused on description of the capital market as it efforts in Nigerian economic development for the period of.

KSE index, which is the leading market index and representative of all the major market-influencing companies and so the overall market, showed a return of percent in and became the sixth best performer among the emerging markets that year (Impact of Foreign Reserves on Karachi stock exchange Market of Pakistan, ).

The stock market tends to become oversold in December when investors sell underperforming stocks at year-end to claim capital losses on their tax returns; after the new tax year begins, the same investors tend to reinvest the money from those sales, making the overall market rise.

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Purpose – The purpose of this paper is to organize and take stock of the present situation of research on stock market integration by reviewing the available literature, to .

Literature review on holidays and the stock market
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LITERATURE REVIEW OF NIGERIA STOCK MARKET | MARTINS LIBRARY