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Current Approaches in Social Sciences

Edited By Rasim Yilmaz, Günther Löschnigg, Hasan Arslan and Mehmet Ali Icbay

Current Approaches in Social Sciences is a collection of research papers on a wide range of social issues written by researchers from several different institutions. The book will appeal to educators, researchers, social students and teachers of all subjects and of all levels, who wish to develop personally and professionally. It will also be useful to all those who interact, one way or another, with both students and teachers in a social context.


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An Analysis of The Effect of Ramadan on Istanbul Stock Exchange (Murat Akbalik)


Murat Akbalik An Analysis of The Effect of Ramadan on Istanbul Stock Exchange Introduction Nowadays, traditional models of finance are considered as insufficient in defining the structure of financial markets. Behavioural finance, which consists of the com- bination of psychology, sociology, and finance, has emerged as an alternative field in defining these insufficiencies. Stock market anomalies can be basically classified as calendar anomaly, cross sectional anomaly, and pricing anomaly (Erdoğan and Elmas, 2010). There are many studies related to calendar anomaly in the literature. However, these are limited in respect to the Ramadan anomaly. Fasting in Ramadan is one of the most celebrated religious rituals in Muslim countries. Ramadan is a positively seen feast like Christmas, New Years, etc. For that reason, we can assume that it should positively affect investor psychology. It is documented that equity returns during Ramadan are almost nine times higher (38.09% versus 4.32%) and less volatile compared to the rest of the year (Bialkowski, Etebari, and Wisniewski, 2012). Literature Review Bialkowski, Etebari and Wisniewski (2012) analysed stock returns in the month of Ramadan between 1989 and 2007 in 14 countries where Muslims mostly live and they found that stock returns in the month of Ramadan were almost nine times higher and less variable compared to the remaining months of the year. Bialkowski, Bohl, Kaufmann and Wisniewski (2013) examined whether mu- tual fund managers investing in Turkish stocks were able to benefit from the Ramadan effect for the period 2000–2011. They found that risk-adjusted...

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