Investor sentiment and calendar anomaly effects : A case study of the impact of Ramadan on Islamic Middle Eastern markets

@inproceedings{AlHajieh2015InvestorSA,
  title={Investor sentiment and calendar anomaly effects : A case study of the impact of Ramadan on Islamic Middle Eastern markets},
  author={Heitham Al-Hajieh and Keith Redhead and T. J. Rodgers},
  year={2015}
}
The holy month of Ramadan is usually a time of celebration and renewal in Muslim countries. This paper examines whether or not this is reflected in positive calendar anomalies effects in Islamic Middle Eastern stock markets during the period 1992–2007. Strong evidence is found of significant and positive calendar effects in respect to the whole period of Ramadan in most countries and it is argued that this can be attributed to the generally positive investor mood, or sentiment. Although Ramadan… CONTINUE READING

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