Ramadan Effect: Evidence from Borsa Istanbul

Ömer Faruk Tan

doi:10.14780/muiibd.329932

Ramadan Effect: Evidence from Borsa Istanbul

Abstract

This study analyzes the effect of Ramadan on the market index (Borsa Istanbul-BIST 100) and 23 BIST

Sectoral Indices in Borsa Istanbul over the period between January 1997 and December 2015. According

to the analysis, the average returns of tourism, service, transportation, electricity, and chemical industries

are higher than the market index during the Ramadan period. Moreover, according to regression analysis

results, Ramadan has a statistically positive effect on 5 sectors (BIST Transportation, BIST Non-Material

Mineral Products, BIST Investment Trust, BIST Electricity, and BIST Chemicals). Also, this study divides

the Ramadan days into 3 periods, where the first period comprises the first 10 days of Ramadan, second

period covers the next 10 days, and the final period involves the last 10 days. The first ten days of Ramadan,

for the most of indices, has both positive and statistically significant returns.

Keywords

Ramadan Effect,Borsa Istanbul,Borsa Istanbul Sectoral Indices

References

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Details

Primary Language

Turkish

Subjects

Economics

Journal Section

Research Article

Authors

Ömer Faruk Tan

Publication Date

July 19, 2017

Submission Date

July 20, 2017

Acceptance Date

-

Published in Issue

Year 2017 Volume: 39 Number: 1

DOI

https://doi.org/10.14780/muiibd.329932

IZ

https://izlik.org/JA73BS57LE

Cite

RIS / Bibtex

APA

Tan, Ö. F. (2017). Ramadan Effect: Evidence from Borsa Istanbul. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 39(1), 239-256. https://doi.org/10.14780/muiibd.329932

AMA

1.Tan ÖF. Ramadan Effect: Evidence from Borsa Istanbul. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2017;39(1):239-256. doi:10.14780/muiibd.329932

Chicago

Tan, Ömer Faruk. 2017. “Ramadan Effect: Evidence from Borsa Istanbul”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi 39 (1): 239-56. https://doi.org/10.14780/muiibd.329932.

EndNote

Tan ÖF (July 1, 2017) Ramadan Effect: Evidence from Borsa Istanbul. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 39 1 239–256.

IEEE

[1]Ö. F. Tan, “Ramadan Effect: Evidence from Borsa Istanbul”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, vol. 39, no. 1, pp. 239–256, July 2017, doi: 10.14780/muiibd.329932.

ISNAD

Tan, Ömer Faruk. “Ramadan Effect: Evidence from Borsa Istanbul”. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 39/1 (July 1, 2017): 239-256. https://doi.org/10.14780/muiibd.329932.

JAMA

1.Tan ÖF. Ramadan Effect: Evidence from Borsa Istanbul. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2017;39:239–256.

MLA

Tan, Ömer Faruk. “Ramadan Effect: Evidence from Borsa Istanbul”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, vol. 39, no. 1, July 2017, pp. 239-56, doi:10.14780/muiibd.329932.

Vancouver

1.Ömer Faruk Tan. Ramadan Effect: Evidence from Borsa Istanbul. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2017 Jul. 1;39(1):239-56. doi:10.14780/muiibd.329932