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The Effect of the Heterogeneity of Worship Heavily on Stock Returns in Tehran Stock Exchange
Journal: Iranian Journal of Business and Economics
Issue: Iranian Journal of Business and Economics (Volume: 3, Issue: 2)
Author: Mohammad Hossien Abdorrahimian , Hossien Rahimi Bafghi , Seyyedeh Soheyla Zakizadeh
Keywords : Ramadan. , heterogeneity of worship heavily , stock returns , trading volume

This research explores a new area of financial management as behavioral finance. It follows that in this study is the "Effect of holy days". The effect of holy days in the capital market is one of irregularities including categories "period or calendar effects," and asserts that the holy days there are basic variables such as market efficiency, volume and value of transactions inconsistency. In other words, regular patterns in the behavior of the time series of variables on religion. Therefore, the strategy of the daily patterns or unusual gained extra efficiency. The study is about the impact of Qadr nights in Ramadan on stock returns, trading volume and value of transactions on listed companies in Tehran Stock Exchange on the date of 2005/04/14 coincides with the date 2016/11/15 lunar calendar coincides. That day 19 and day 23 of Ramadan dummy variables as independent variables and total market index as a control variable and stock returns, trading volume and value of transactions an important loss as dependent variables. The aim of this research is applied research, the method of research is descriptive and correlation analysis. Multiple regression analysis is a research method in this study. The results of this study Qadr nights a significant impact on stock returns.

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