PurposeThis paper attempts to investigate the presence of seasonal effects in the Indian stock market.Design/methodology/approachThe paper tests the efficiency of the Indian stock market through a number of hypotheses. Week day effects, day‐of‐the‐week, weekend, January and April effects are examined by applying a variety of statistical techniques.FindingsThe results are interesting and contradict some of the findings found elsewhere. The negative Monday effect and the positive January effects are not found in India. Instead the Monday returns are positive while Tuesday returns are negative.Research limitations/implicationsThe seasonal effects in the Indian market have been examined by the two major indices, the Bombay Stock Exchange Index and the National Stock Exchange Index. However, it must be remembered that the Indian economy became deregulated from 1991 and this may have had an impact on the markets.Practical implicationsThis study indicates that the Indian stock market does not exhibit the usual seasonal anomalies such as Monday and January effect. The absence of Monday effect could be due to the settlement period in Indian market. That the tax year ends in March and December has no special significance may explain the non‐existence of JanuaryOriginality/valueMost of the studies on anomalies have dealt with the developed markets. The Indian market has its unique Badla financing, settlement period duration and trading regulations. The presence/absence of the anomalies may provide support to some of the hypotheses used to explain them.

Weak-form market efficiency states that past information cannot be used to consistently generate excess returns. So, technical analysis which uses past information on securities should not help generate abnormal profits consistently in a weak-form efficient market. In the present study, two simple technical trading strategies - Moving-Average-Oscillator and Trading Range Break-Out - are implemented to test whether they result in excess returns. The study is performed on the Hang Seng Futures Index, traded at the Hong Kong Futures Exchange. It is found that the moving average strategy does not produce significant excess returns, but four out of the six Trading Range Break-Out rules resulted in significant positive returns for the buy signal.

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This study examines the performance of related bidders over short-and long-term horizons. Acquisitions are examined between companies within the same industry from a sample of completed UK takeovers between 1994 and 1998. Performance is compared to unrelated acquisitions and also size and industry control portfolios. We also examine the effects of form of financing and the preferred method of payment by larger and smaller related bidders. It is found that related takeovers occur mainly in underperforming industries. Significant differences are found in long-horizon performance with regard to bidder size and also the method of payment.