We investigate which of the two main centers of gold trading — the London spot market and the New York futures market — plays a more important role in setting the price of gold. Using intraday data during a 17-year period we find that although both markets contribute to price discovery, the...

Recent research has identified the presence of behavioral influences on traders in predominantly professionally traded markets such as oil, gold, and foreign exchange. Previous research had largely confined behavioral-based investigations to equity markets due to an assumption that noise traders...

Recent research has identified the presence of behavioral influences on traders in predominantly professionally traded markets such as oil, gold, and foreign exchange. Previous research had largely confined behavioral-based investigations to equity markets due to an assumption that noise traders...

The ability of investors to implement seasonal strategies implied by academic papers has been widely criticised, most recently by Hudson, Keasey amp; Littler (2002). This paper addresses these concerns, and provides an example of a strategy derived from academic papers that indicates how and to...

The pre-holiday behavior of equity price and return indices on the Irish Stock Exchange do not display consistent positive pre-holiday returns. This is contrary to the majority of studies on this area, and the result is found across a number of sectoral indices. The analysis also indicates that...

This paper surveys the research on the influence of investor feelings on equity pricing, and also develops a theoretical basis with which to understand the emerging findings of this area. The theoretical basis is developed by reference to research in the fields of economic psychology and...

The first four moments of four indices of equity returns produced by the Irish Stock Exchange are examined across different market directions. Using standard F, K-W and Levene tests daily seasonality is confirmed in all, although in a pattern different to that found elsewhere. In particular,...

Evidence is provided that the preholiday behaviour of irish stock exchange equity indices is different to that found elsewhere. In particular, the indices do not show consistent preholiday positive returns. These returns seem to be driven by local, as opposed to international forces

The Friday the 13th anomaly of Kolb amp; Rodriguez (1987) is revisited in an international context. Using the FTSE world indices over 1988-200, for 19 countries, it is found that there is some evidence that returns on Friday the 13th are statistically different from, and generally greater than,...

We investigate whether there exists a relationship between eight proxy variables for investor mood (based on the weather, biorhythms, and beliefs) and daily Irish stock returns over the period 1988 to 2001. Our study is motivated by recent research which argues that people's decisions are...