Irtiza, Muhammad Sarmad
[VerfasserIn];
Khan, Shahbaz
[VerfasserIn];
Baig, Nida
[VerfasserIn];
Tirmizi, Syed Muhammad Ali
[VerfasserIn];
Ahmad, Ilyas
[VerfasserIn]
The turn-of-the-month effect in Pakistani stock market
Beschreibung:
This research intends to explore the presence of the "turn-of-the-month-effect (TOME)" in the Pakistani stock market. The TOME is the temporary increase in prices of registered shares on the last operating day of the month and the initial 3-4 days of the following month. The selection incorporates the secondary data, which comprises the ending prices of the "KSE-100 Index" for 2013-2018. Contrary to the previous evidence in Pakistan, we run an in-depth yearwise analysis and report an interesting fact that the TOME is signifcant only during 2013-2016, while it vanishes for 2017 and 2018. We suggest that the "turn-of-the-month" anomaly may disappear during stock market crisis times. The research contains signifcant importance for potential shareholders because a rational shareholder considers several measures while making his investment decisions and constructing hedging strategies.