To Our Contributors
Guidelines for Authors
Guidelines for Book Reviews
Guidelines for Cases
Submit Article
 
Repository
Keyword Search
Archives
Advanced Search
 
Article Abstracts| Case Abstracts
General
Accounting and Control
Agriculture and Rural Development
Communication
Economics
Finance
Global Management
Information Technology and Systems
Innovation and Entrepreneurship
Marketing
Organizational Behaviour and HRD
Strategic Management and Leadership
Public Systems
Operations Management
 
     Feedback
To give your feedback please contact us on vikalpa@iimahd.ernet.in
 
5 - 5 of 180 ItemsFirst  Pre  1  2  3  4  5 6  7  8  9  10  Next  Last
Browse Articles by "Finance"
Title: A Trading Strategy for the Indian Stock Market: Analysis and Implications
Authors: Madhusudan Karmakar, Madhumita Chakraborty
Issue/Year: Oct-2000
Section: Research
Abstract: A curious seasonality reported in finance is the monthly effect which implies that the mean daily return for stock is positive and higher during the first half of the month than the second half. Another related anomaly is the turn-of-the-month effect which is said to exist when the average daily return at the turn of the month is significantly higher than the daily return on the remaining days of the month. This paper examines both the monthly effect and the turn-of-the-mouth effect in the Indian stock market by applying two different approaches : calendar day approach and trading day approach. The results of both the approaches reveal significantly higher return at the first half of the month than that of the second half and abnormally high returns at the turn of the month. Various explanations for the observed anomalies have been considered including the problem of 'data mining,' proxy of other anomalies, etc., but none could provide adequate explanations for the observed intra-month return regularities. However, based on the findings, the study tries to evolve cerin trading strategies which would benefit in the decision making of the investors concerned with timing of stock purchases and sales.
Full Text: Click here to download
Download Acrobat Reader