IDEAS home Printed from https://ideas.repec.org/p/iik/wpaper/375.html
   My bibliography  Save this paper

New Moon Day Anomaly: Role Of Culture And Institutions In India

Author

Listed:
  • Kameshwar Rao V.S. Modekurti

    (Indian Institute of Management Kozhikode)

  • Avinash Ghalk

    (Institute of Management and Technology (IMT), Nagpur,)

  • Ram Kumar Kakani

    (Indian Institute of Management Kozhikode)

Abstract

Supposedly, the socio-cultural ecosystems of a nation tend to be deeply influenced by normative beliefs of a society per se. Thus, there’s an expectation that capital-market based trading decision-making processes would also be influenced by such beliefs. On the other hand, crosscountry investments and global flow of foreign capital are guided in their decision making by rational investment managers along with arbitrage traders who’ve little dependence on such beliefs. This study, set in an Indian context, looks into the ‘new moon day’ effect over thirtythree year-period, focusing primarily on two stock exchanges that are driven by different investor profiles. It identifies ‘calendar day’ returns on stock exchange, driven by native investors; and ‘trading day’ returns on another stock exchange, driven by big institutional investors. In doing so, we value-add to the existing ‘capital market anomalies” literature from both institutional and cultural perspectives.

Suggested Citation

  • Kameshwar Rao V.S. Modekurti & Avinash Ghalk & Ram Kumar Kakani, 2020. "New Moon Day Anomaly: Role Of Culture And Institutions In India," Working papers 375, Indian Institute of Management Kozhikode.
    • Handle: RePEc:iik:wpaper:375
    as

    Download full text from publisher

    File URL: https://www.iimk.ac.in/websiteadmin/FacultyPublications/Working%20Papers/3199IIMK_WPS_375_FIN_2020_01.pdf?t=13
    Download Restriction: no
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iik:wpaper:375. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sudheesh Kumar (email available below). General contact details of provider: https://edirc.repec.org/data/iikmmin.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.