The overwhelming empirical support of the Efficient Market Hypothesis makes it one of the widely accepted understandings in modern economics. The internal contradiction, relating to the fact that if inefficiencies didn't exist, opportunists would not search for them, which would in turn give...

We present a novel approach towards the financial Ising model. Most studies utilize the model to find settings which generate returns closely mimicking the financial stylized fact such as fat tails, volatility clustering and persistence, and others. We tackle the model utility from the other...

This study investigates holidays’ effect in analyst recommendations in the MENA countries stock markets between 2004 and 2015. The findings show that on Pre-Holidays, analysts tend to issue pessimistic recommendations, and issue optimistic recommendations on Post- Holidays. Prior literature on...

This study investigated the impact of Muslim Holy Days on daily stock returns of Asian financial markets for a period of 2001–2014. These markets include Pakistan, Bahrain, Saudi Arabia, and Turkey. The study has tried to isolate the effect of Gregorian calendar anomalies from Muslim Holy Days...

Efficient Market Hypothesis is an investment theory which states that it is impossible to ‘beat the market' because market efficiency causes exiting share prices to always incorporate and reflect all relevant information. Stocks are always traded at their fair value on stock exchanges and so...

The study examines how stock market prices the stocks of socially ambiguous “Grey” firms, who are socially responsible in certain corporate social responsibility (CSR) dimensions while being socially irresponsible in other dimensions. Using firm data from 1992 to 2011, we find that the...

Corporate social responsibility, disclosed in sustainability reporting, influences the financial performance of companies. As a result, traditional stock market indices (TI) are expanded with the social responsible stock market indices (SRI). The aim of this study was to establish whether there...

Efficient Market Hypothesis states that financial markets react instantaneous and unbiased to new information. However, in the last decades empirical researches revealed some anomalies in investors reactions to the events that caused shocks on the financial markets. There are two main hypotheses...

Market Efficiency has been the objective of many researches across the globe since the last few decades. While some studies conclude that the stock markets are efficient, others cast doubt on this conclusion. In an efficient capital market stock prices incorporate all relevant information when...