Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse

Iqbal Thonse Hawaldar; Shakila B.; Prakash Pinto

Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse

Year 2017, Volume: 7 Issue: 2, 426 - 436, 01.06.2017

Iqbal Thonse Hawaldar Shakila B. Prakash Pinto

Abstract

In financial literature we find numerous studies examining the presence of diverse types of calendar anomalies in different stock exchanges of the world. The current paper aims to investigate the month of the year effect in randomly selected ten companies from banking sector and service sector traded on the Bahrain Bourse for a period of five years commencing from 1st January 2010 to 31st December 2014. The empirical research was conducted using descriptive statistics and Kruskal-Wallis H Test. The findings of the study revealed that none of the companies selected for the study exhibited significant monthly returns for the study period except Bahrain Maritime & Mercantile International (BMMI). The paper suggests that the absence of said calendar anomaly may be due to thin trading practiced in the Bahrain Stock Exchange.

Keywords

Calendar Anomalies, Month of the Year Effect, Bahrain Stock Exchange, Descriptive Statistics and Kruskal-Wallis H Test, Thin Trading

Year 2017, Volume: 7 Issue: 2, 426 - 436, 01.06.2017

Iqbal Thonse Hawaldar Shakila B. Prakash Pinto

Abstract

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Details

Other ID	JA25NF57CG
Journal Section	Research Article
Authors	Iqbal Thonse Hawaldar This is me Shakila B. This is me Prakash Pinto This is me
Publication Date	June 1, 2017
Published in Issue	Year 2017 Volume: 7 Issue: 2

Cite

APA	Hawaldar, I. T., B., S., & Pinto, P. (2017). Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse. International Journal of Economics and Financial Issues, 7(2), 426-436.
AMA	Hawaldar IT, B. S, Pinto P. Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse. IJEFI. June 2017;7(2):426-436.
Chicago	Hawaldar, Iqbal Thonse, Shakila B., and Prakash Pinto. “Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse”. International Journal of Economics and Financial Issues 7, no. 2 (June 2017): 426-36.
EndNote	Hawaldar IT, B. S, Pinto P (June 1, 2017) Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse. International Journal of Economics and Financial Issues 7 2 426–436.
IEEE	I. T. Hawaldar, S. B., and P. Pinto, “Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse”, IJEFI, vol. 7, no. 2, pp. 426–436, 2017.
ISNAD	Hawaldar, Iqbal Thonse et al. “Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse”. International Journal of Economics and Financial Issues 7/2 (June 2017), 426-436.
JAMA	Hawaldar IT, B. S, Pinto P. Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse. IJEFI. 2017;7:426–436.
MLA	Hawaldar, Iqbal Thonse et al. “Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse”. International Journal of Economics and Financial Issues, vol. 7, no. 2, 2017, pp. 426-3.
Vancouver	Hawaldar IT, B. S, Pinto P. Empirical Testing of Month of the Year Effect on Selected Commercial Banks and Services Sector Companies Listed on Bahrain Bourse. IJEFI. 2017;7(2):426-3.