Muslim Holy Days Effect on Returns of Asian Stock Markets
What is it about?
This 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.
Why is it important?
The major contribution of this study is that it isolate the effect of Muslim Holy days from Gregorian calendar anomalies. This study will also contribute to the literature by comparing the results of controlling and without controlling these anomalies. So this is a comprehensive study.
The following have contributed to this page: Irfan Ali