On June 23 1989, the Chicago Board of Options Exchange introduced a new option on short-term interest rate. These options were unique in that, unlike other interest rate dependent options, there were no assets like bonds underlying them. So, when these options are exercized, settlement delivery...

Turn-of-the-year effect has been observed in many markets throughout the world and various explanations have been suggested for this anomaly in the markets. The 'tax-loss selling' hypothesis is one such explanation that has received some support. The present study examines the validity of this...

Weak-form market efficiency states that past information cannot be used to consistently generate excess returns. So, technical analysis which uses past information on securities should not help generate abnormal profits consistently in a weak-form efficient market. In the present study, two...