Seasonal effects: Evidence from emerging African stock markets

The paper investigates seasonal effects in seventeen indices on nine African stock markets using regression analysis and the Kruskal-Wallis and Chi-square Median tests. Significant seasonal effects are found on some, but not all indices. The strongest effect observed is the month-of-the-year effect followed by the day-of-the-week effect. The West African Regional stock Exchange (BRVM) exhibited a reversed ‘December decline - January rise’ pattern, while the turn-of-the-month effect observed for Egypt disappeared after the turn-of-the-year effect was removed. Using the Kruskal-Wallis test, no seasonal effects for Namibia were found. For the other markets, at least one seasonal effect was observed, suggesting some exploitable trading opportunities.

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Short-Term Seasonalities on the Jakarta Stock Exchange

Review of Pacific Basin Financial Markets and Policies ◽

10.1142/s0219091599000205 ◽

1999 ◽

Vol 02 (03) ◽

pp. 375-398 ◽

Cited By ~ 3

Author(s):

Kie Ann Wong ◽

Kusnadi Yuanto

Keyword(s):

Stock Market ◽

Stock Exchange ◽

The Other ◽

January Effect ◽

Seasonal Effects ◽

Short Term ◽

Day Of The Week ◽

Twist Effect ◽

Holiday Effects

This research attempts to uncover the presence of various stock market seasonalities on the Jakarta Stock Exchange (JSX). We find that most of the seasonal effects exist on the JSX, except for the January effect. There is a day-of-the-week effect with low Tuesday and high Friday returns. The "twist" effect is confirmed with a negative Tuesday return following a market decline in the previous week. The Tuesday "Rogalski" effect is present, with Tuesday return being positive in the month of January and negative for the other months. The monthly, turn-of-the-month, turn-of-the-year and pre-holiday effects are also confirmed in recent sub-periods after the reforms of the JSX in 1988.

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FENOMENA ANOMALI MUSIMAN INDEKS HARGA SAHAM DI INDONESIA

JMM UNRAM - MASTER OF MANAGEMENT JOURNAL ◽

10.29303/jmm.v10i2.653 ◽

2021 ◽

Vol 10 (2) ◽

pp. 97-108

Author(s):

G. A. Sri Oktaryani ◽

Iwan Kusuma Negara ◽

Weni Retnowati ◽

Iwan Kusmayadi

Keyword(s):

Stock Returns ◽

Stock Price ◽

Seasonal Effects ◽

Seasonal Effect ◽

Investment Strategies ◽

Monthly Basis ◽

Year Effect ◽

Monthly Pattern ◽

Day Of The Week ◽

Daily Stock Returns

This Research aims to obtain empirical evidence about the existence of anomaly seasonal effects on market returns on a daily and monthly basis on the IHSG and the LQ-45 Index in Indonesia throughout January 2015 untill September 2020. The diversity of arguments and research results regarding the phenomenon of seasonal anomalies in stock returns derived from previous studies make this phenomenon interesting to study. We analyze daily stock returns by using the Kruskal Wallis test, while the average monthly return is analyzed using the one-way Anova. The findings show that the phenomenon of stock anomaly returns according to the daily pattern of the week (day of the week effect) and the monthly pattern (month of the year effect) on IHSG and the LQ-45 Index are not proven within the range research from January 2015 to September 2020. The results of stock price forecasting provide benefits in supporting investors to develop their investment strategies. Futhermore, this information is also important to choose and determine which stocks should be bought and sold. In addition to investors, this information is also useful for management to monitor the pattern of stock price movements, so that they can plan, formulate strategies and take anticipatory steps based on possible threats that could arise.Keywords :Anomaly Seasonal Effect, day of the week effect, month of the year effect, market Return

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Informed Consent: Ezenwa–Ohaeto between Past and Future Uses of Pidgin

Matatu ◽

10.1163/18757421-033001025 ◽

2006 ◽

Vol 33 (1) ◽

pp. 115-134 ◽

Cited By ~ 1

Author(s):

Chantal Zabus

Keyword(s):

Informed Consent ◽

First Language ◽

West African ◽

The Other ◽

Wole Soyinka ◽

The West ◽

West African Coast ◽

African Coast ◽

The 1950S ◽

The One

The essay shows how Ezenwa–Ohaeto's poetry in pidgin, particularly in his collection (1988), emblematizes a linguistic interface between, on the one hand, the pseudo-pidgin of Onitsha Market pamphleteers of the 1950s and 1960s (including in its gendered guise as in Cyprian Ekwensi) and, on the other, its quasicreolized form in contemporary news and television and radio dramas as well as a potential first language. While locating Nigerian Pidgin or EnPi in the wider context of the emergence of pidgins on the West African Coast, the essay also draws on examples from Joyce Cary, Frank Aig–Imoukhuede, Ogali A. Ogali, Ola Rotimi, Wole Soyinka, and Tunde Fatunde among others. It is not by default but out of choice and with their 'informed consent' that EnPi writers such as Ezenwa–Ohaeto contributed to the unfinished plot of the pidgin–creole continuum.

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Some Comments on Land Tenure in Egba Division, Western Nigeria

Africa ◽

10.2307/1157265 ◽

1961 ◽

Vol 31 (3) ◽

pp. 258-269 ◽

Cited By ~ 3

Author(s):

Akin L. Mabogunje

Keyword(s):

Land Tenure ◽

West African ◽

The Other ◽

Land Law ◽

Considerable Time ◽

The West ◽

Opening Paragraph

Opening ParagraphDuring the sitting of the West African Lands Committee in 1912, the witnesses who were called before the Committee from Egba Division emphatically stated that sales of both farm and town lands had been going on in Egbaland for some considerable time and had become accepted as normal. Equally significant was the vigour with which witnesses from all the other Yoruba sub-tribes countered the suggestion that sale of land existed or was permitted by the traditional land law and custom. H. L. Ward Price in his report also pointed out that sales of land had been going on in Egbaland for at least sixty years before he was writing in the 1930's. From the evidence he collected, it would seem that land sales dated back to between 1860 and 1880.

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English in West Africa

10.1093/oxfordhb/9780199777716.013.36 ◽

2015 ◽

Author(s):

Ulrike Gut

Keyword(s):

West Africa ◽

Sierra Leone ◽

Structural Properties ◽

West African ◽

The Other ◽

African Countries ◽

The West ◽

Current Role ◽

British Colonization

This chapter describes the history, role, and structural properties of English in the West African countries the Gambia, Sierra Leone, Liberia, Ghana, Nigeria, the anglophone part of Cameroon, and the island of Saint Helena. It provides an overview of the historical phases of trading contact, British colonization and missionary activities and describes the current role of English in these multilingual countries. Further, it outlines the commonalities and differences in the vocabulary, phonology, morphology, and syntax of the varieties of English spoken in anglophone West Africa. It shows that Liberian Settler English and Saint Helenian English have distinct phonological and morphosyntactic features compared to the other West African Englishes. While some phonological areal features shared by several West African Englishes can be identified, an areal profile does not seem to exist on the level of morphosyntax.

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Analyzing seasonal anomalies for Israel: evidence from pre- and post-global financial crisis

Managerial Finance ◽

10.1108/mf-06-2019-0316 ◽

2019 ◽

Vol 46 (3) ◽

pp. 435-450

Author(s):

Dinesh Jaisinghani ◽

Muskan Kaur ◽

Mohd Merajuddin Inamdar

Keyword(s):

Financial Crisis ◽

Global Financial Crisis ◽

Stock Exchange ◽

Time Frame ◽

Content Type ◽

Dummy Variable ◽

Year Effect ◽

Show Evidence ◽

Tel Aviv Stock Exchange ◽

Day Of The Week

Purpose The purpose of this paper is to analyze different seasonal anomalies for the Israeli securities markets for the pre- and post-global financial crisis periods. Design/methodology/approach The closing values of six indices of the Tel Aviv Stock Exchange (TASE) of Israel have been considered. The time frame ranges from 2000 to 2018. Further, the overall time frame has been segregated into pre- and post-financial crisis periods. The study employs dummy variable regression technique for assessing different calendar anomalies. Findings The results show evidence pertaining to different seasonal anomalies for the Israeli markets. The results specifically show that the anomalies change considerably across the pre- and post-financial crisis periods. The results are more apparent for three anomalies including the day of the week effect, the month of the year effect and the holiday effect. However, anomalies including the Halloween effect and the trading month effect are found to be insignificant across both pre- and post-financial crisis periods. Originality/value The study is first of its kind that analyzes different seasonal anomalies across pre- and post-financial crisis periods for the Israeli markets. The study provides newer insights about the overall return patterns observed in different indices of the TASE.

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The Monday effect on the Johannesburg Stock Exchange

South African Journal of Business Management ◽

10.4102/sajbm.v16i1.1064 ◽

1985 ◽

Vol 16 (1) ◽

pp. 7-11 ◽

Cited By ~ 3

Author(s):

N. Bhana

Keyword(s):

Stock Exchange ◽

Efficient Market Hypothesis ◽

Investment Strategy ◽

Weekend Effect ◽

The Other ◽

Expected Returns ◽

Calendar Time ◽

Expected Return ◽

Average Return ◽

Day Of The Week

The efficient market hypothesis submits that the expected returns on shares and other financial assets are identical for all the days of the week. Studies of share returns on the New York Stock Exchange have revealed that the expected returns are not identical for the various days of the week. This article examines two hypotheses that have attempted to explain the distribution of returns over different days of the week. The calendar-time hypothesis states that the expected return for Monday is three times the expected return for the other days of the week. The trading-time hypothesis states that the expected return is the same for each day of the week. During the period 1978-1983, the daily returns on shares traded on the JSE were inconsistent with both hypotheses. The average return for Monday was significantly negative while the average return for the other trading days was positive with Wednesday showing the highest return. Evidence is presented to show that Treasury Bills have the same weekend effect as share transactions. An investment strategy based on the observed pattern of share returns over different days of the week is suggested. The implications of the effect of day of the week for tests of market efficiency are examined.

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West African Languages Congress

African Studies Review ◽

10.1017/s0002020600039883 ◽

1963 ◽

Vol 6 (03) ◽

pp. 30-31

Author(s):

Joseph Greenberg

Keyword(s):

Sierra Leone ◽

The United States ◽

West African ◽

Financial Assistance ◽

The Other ◽

Substantial Portion ◽

The West ◽

African Languages ◽

The Third ◽

First Time

The Third West African Languages Congress took place in Freetown, Sierra Leone, from March 26 to April 1, 1963. This was the third of the annual meetings of those interested in West African languages sponsored by the West African Languages Survey, previous meetings having been held in Accra (1961) and Dakar (1962). The West African Languages Survey is a Ford Foundation project. Additional financial assistance from UNESCO and other sources contributed materially to the scope and success of the meeting. This meeting was larger than previous ones both in attendance and in number of papers presented and, it may be said, in regard to the scientific level of the papers presented. The official participants, seventy-two in number, came from virtually every country in West Africa, from Western European countries and from the United States. The linguistic theme of the meeting was the syntax of West African languages, and a substantial portion of the papers presented were on this topic. In addition, there was for the first time at these meetings a symposium on the teaching of English, French and African languages in Africa. The papers of this symposium will be published in the forthcoming series of monographs planned as a supplement to the new Journal of West African Languages. The other papers are to appear in the Journal of African Languages edited by Jack Berry of the School of Oriental and African Studies.

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Trick or treat? The Halloween effect in stock markets revisited

Managerial Finance ◽

10.1108/mf-12-2019-0622 ◽

2020 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Gylfi Magnusson

Keyword(s):

Seasonal Variation ◽

Interest Rates ◽

Stock Returns ◽

Stock Markets ◽

Seasonal Affective Disorder ◽

The Other ◽

Seasonal Effect ◽

Content Type ◽

Economic Significance ◽

Halloween Effect

PurposeThe subject of this paper is seasonal variation in the return on stocks. The phenomenon we analyze here is known as the “Halloween effect” or the trading strategy “sell in May and go away.” The authors test the hypothesis that stock markets tend to return considerably less in the six months beginning in May than in the other half of the year. This effect has shown persistency over time and is seemingly large enough to be a candidate for economic significance.Design/methodology/approachThe authors analyze monthly data from 13 countries for the period 1958–2019, using the Kruskal–Wallis test, t-test and a boot-strap based estimator. In addition, we look a sub-periods for a larger group of countries and include data on both stock returns and interest rates.FindingsThe authors find a strong seasonal effect in a large majority of the markets, with the period from November to April seeing higher returns than the other six months of the year. This result also holds for a larger sample of countries based on data from a shorter period. The effect is found to be economically significant in most countries in the sample. The authors examine one potential explanation for seasonal variation in stock returns, i.e. seasonal affective disorder (SAD). The authors find some, albeit weak, support for this hypothesis.Originality/valueThis paper uses a rich dataset that has not been used for this purpose before and robust tests of statistical and economic significance to shed light on an important aspect of global financial markets.

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Maureen Pytlik

10.1093/oso/9780190855833.003.0008 ◽

2018 ◽

Author(s):

Michael B. Bakan

Keyword(s):

Music Theory ◽

West African ◽

The Other ◽

The West ◽

African Dance ◽

Hard Time ◽

Clarinet Performance ◽

West African Dance ◽

And Mathematics

In 2017, Maureen Pytlik graduated from Ottawa’s Carleton University with degrees major in both clarinet performance and mathematics. Her curriculum also included advanced music theory studies and West African drumming and dance. She describes her West African dance experiences as transformative. “I was quite happy to open up and be awkwardly uncoordinated,” she relates, “because it was something that created a lot of group bonding in a way. Feeling part of the group was very important to me because having Asperger’s means it’s not something that I experience easily.” African dance, and drumming too, helped Maureen to navigate a dichotomy which has been difficult for her to manage in her life, and one that she identifies closely with having Asperger’s: the conflicting pulls of competing desires for control and freedom. “I am pulled in these two different directions,” she acknowledges. “My modes of being can fluctuate between the two styles of having control and experiencing freedom, but I have a hard time (as with any polar opposites) hovering in the middle between them without gravitating toward one extreme or the other at any given time.” Music and dance, especially of the West African variety, have enabled her to move closer to achieving that elusive balance.

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