The results of this study indicate that the January effect has been replaced by a February effect in emerging Asian stock markets. The February effect may be a phenomenon reflecting investors' response to the need for liquidity before the heavy-spending characteristic of the Chinese New Year,...

The present study examines the impact of cultural and religious festivals on the trading behavior of a sample of stocks listed on the five emerging Asian markets: Hong Kong, Indonesia, Malaysia, Singapore and Taiwan, over the years 1991-2011. I investigate the festivals' impact on stock returns...