TEST OF THE DAY OF THE WEEK EFFECT: THE CASE OF KUWAIT STOCK EXCHANGE
Journal Title: Asian Economic and Financial Review - Year 2015, Vol 5, Issue 5
Abstract
This study examines the presence of the day-of-the-week effect anomaly in the Kuwait Stock Exchange (KSE) using Ordinary Least Square Method (OLS). The day-of-the-week effect is a phenomenon that constitutes a form of anomaly of the efficient capital markets theory. According to this phenomenon, the average daily return of the market is not the same for trading days of the week, as we would expect on the basis of the efficient market theory. This study investigates day of the week effect on the available data of daily returns on the weighted index in the Kuwait Stock Exchange with the period from January 2002 to September 2011. The findings show that KSE exhibits positive returns on the first and the last day of the week with significant negative returns on the Second day of the Trading week.
Authors and Affiliations
Ahmad Mohammad Obeid Gharaibeh*| Ahlia University, Manama, Kingdom of Bahrain, Abdullah Ali Tami Swailem Al Azmi| Al Imtiaz Investment Group Company , State of Kuwait
Keywords
Related Articles
- EP ID EP2202
- DOI -
- Views 479
- Downloads 37
AN EXPLORATION ON THE BUSINESS MODEL OF SOCIAL ENTERPRISES OWNED BY CHINESE ENTREPRENEURS IN TAIWAN
This study aims to explore the business models of the social enterprises owned by Chinese entrepreneurs and tries to construct a business model. In order to overcome the shortcomings of a lack of objective verification i...
Impact of Heavy Taxation on Israel During Solomonic Era: Implications for Nigerian Tax System
Over time, the tax systems have been a major source of revenue generation for several governments. Its history dates back to Bible times. Tax therefore becomes the civic responsibility of individuals and corporate organi...
THE SHORT- AND LONG-TERM EFFECTS OF TRADE TAXES ON VERTICAL SPECIALIZATION
The aim of this study is to evaluate the effects of taxes on international trade in the short- and long-term on vertical specialization in the case of Turkey, which signed the GATT agreement and entered into the customs...
REIT PERFORMANCE ANALYSIS: ARE OTHER FACTOR DETERMINANTS CONSTANT?
This main focus of this paper is to propose a regression analysis for the appraisal of REIT performance. The quantitative data required for the study were extracted from the annual financial reports of AMFIRST REIT, a RE...
SECURITY ISSUANCE AND STOCK PRICE EFFECTS WITH HETEROGENEOUS BELIEFS
We analyze the factors that affect security issuance and its impacts on the volatility of stock returns before and after the issuance under heterogeneous beliefs and short sale constraints using the issuing sample of con...