Fast profits: Investor sentiment and stock returns during Ramadan
Observed by more than 1.5 billion Muslims, Ramadan is one of the most celebrated religious traditions in the world. We investigate stock returns during
Observed by more than 1.5 billion Muslims, Ramadan is one of the most celebrated religious traditions in the world. We investigate stock returns during
This paper decomposes daily close to close returns into trading day and nonâ€trading day returns. We discover that all of the average negative returns from Friday close to Monday close documented in the literature for stock market indexes occurs during the nonâ€trading period from Friday close to Monday open. In addition, average trading day returns (open to close) are identical for all days of the week. January/firm size/turnâ€ofâ€theâ€year anomalies are shown to be interrelated with dayâ€ofâ€theâ€week returns. 1984 The American Finance Association