Piety and Profits: Stock Market Anomaly During the Muslim Holy Month

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Title

Piety and Profits: Stock Market Anomaly During the Muslim Holy Month

Content partner

University of Canterbury Library

Collection

UC Research Repository

Description

Observed by more than 1.5 billion Muslims, Ramadan is one of the most celebrated religious rituals in the world. We investigate stock returns during Ramadan for 14 predominantly Muslim countries over the years 1989-2007. The results show that stock returns during Ramadan are almost nine times higher and less volatile than during the rest of the year. No discernible difference in trading volume is recorded. We find these results consistent with a notion that Ramadan positively affects investor...

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Format

Research paper

Research format

Working or discussion paper

Date created

2010

Creator

Bialkowski, J. / Etebari, A. / Wisniewski, T.

URL

http://hdl.handle.net/10092/5765

Related subjects

Ramadan effect / behavioral finance / market efficiency / religion / Economics / Applied economics / Financial economics

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