المكتبة المركزية - الجامعة الإسلامية بغزة

Ramadan Effect on Palestine Exchange (PEX)

Chapter 2: Literature Review12

2.1 Introduction12

2.2 Theoretical Literature Review12

2.2.1 The Random Walk Theory12

2.2.2 The Efficient Market Hypothesis13

2.2.3 Prospect Theory14

2.3 Determinanats of Ramadan Effect on Stock Returns14

2.3.1 Behavioral Finance Theory14

2.3.2 Stock Market Anomalies/Irregularities15

2.4 Gregorian Calendar Anomalies16

2.5 Islamic Calendar anomalies16

2.6 Fasting Ramadan and its Health Benefits18

2.7 Ramadan and its Effect on Investor Behavior19

2.8 EMH Anomaly: the Impact of the Calender21

2.9 The Impact of Ramadan: Investor Mood and Herding Behavior22

Chapter 3: Previous Studies25

3.1 Introduction25

3.2 Studies about Georgian Effect25

3.2.1 Monday Effect25

3.2.2 January Effect27

3.2.3 Holiday Effect29

3.3 Turn of the Month Effect31

3.4 Month of Ramadan Effect33

3.5 Adaptive Market Hypothesis (AHM)35

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