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

Author

Listed:
  • Iqbal Thonse Hawaldar

    (College of Business Administration, Kingdom University, Kingdom of Bahrain,)

  • B. Shakila

    (Department of Business Administration, St. Joseph Engineering College, Vamanjoor, Mangalore, Karnataka, India,)

  • Prakash Pinto

    (Department of Business Administration, St. Joseph Engineering College, Vamanjoor, Mangalore, Karnataka, India)

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 5 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 and Mercantile International. The paper suggests that the absence of said calendar anomaly may be due to thin trading practiced in the Bahrain stock exchange.

Suggested Citation

  • Iqbal Thonse Hawaldar & B. Shakila & Prakash Pinto, 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, Econjournals, vol. 7(2), pages 426-436.
    • Handle: RePEc:eco:journ1:2017-02-56
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    Citations

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    Cited by:

    1. K. Abhaya Kumar & Prakash Pinto & Iqbal Thonse Hawaldar & K. G. Ramesh, 2021. "Can Crude Oil Futures be the Good Hedging Tool for Tyre Equities? Evidence from India," International Journal of Energy Economics and Policy, Econjournals, vol. 11(6), pages 523-537.
    2. Bharat Kumar Meher & Iqbal Thonse Hawaldar & Mathew Thomas Gil & Deebom Zorle Dum, 2021. "Measuring Leverage Effect of Covid 19 on Stock Price Volatility of Energy Companies Using High Frequency Data," International Journal of Energy Economics and Policy, Econjournals, vol. 11(6), pages 489-502.
    3. Bharat Kumar Meher & Iqbal Thonse Hawaldar & Latasha Mohapatra & Adel M. Sarea, 2020. "The Impact of COVID-19 on Price Volatility of Crude Oil and Natural Gas Listed on Multi Commodity Exchange of India," International Journal of Energy Economics and Policy, Econjournals, vol. 10(5), pages 422-431.
    4. Daouda Lawa Tan Toe & Mamadou Toe & Tibi Didier Zoungrana, 2023. "Investigating the weak and semi-strong forms of Informational Efficiency on the West African Economic and Monetary Union’s Stock Exchange (BRVM) through returns predictability tests," SN Business & Economics, Springer, vol. 3(9), pages 1-27, September.
    5. N.N. Sawitri & P. Astuty, 2018. "Market Anomalies and Effect on Returns," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 630-649.

    More about this item

    Keywords

    Calendar Anomalies; Month of the Year Effect; Bahrain Stock Exchange; Descriptive Statistics and Kruskal Wallis H-Test; Thin Trading;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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