Ali, Irfan; Akhter, Waheed; Ashraf, Namrah - In: Cogent Economics & Finance 5 (2017) 1, pp. 1-10
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 … returns of Asian markets, while all other Holy Days have no effect. Friday is the only Gregorian calendar anomaly, which …