effect of Gregorian calendar anomalies from Muslim Holy Days to certify that the documented effect is actually a result of … Muslim Holy Days rather than Gregorian calendar anomalies. Pooled fixed/random effect Panel Regression is used to check the … exists in Asian markets. These results provide support to the fact that both Islamic and Gregorian calendar anomalies exist …

tested over the past century. Due to many abnormal phenomena and conflicting evidence, otherwise known as anomalies against … evidence of anomalies, so that many theories have been developed to explain some anomalies. To address the issue, this paper … reviews the theory and literature on market efficiency and market anomalies. We give a brief review on market efficiency and …