Do mutual fund managers exploit the Ramadan anomaly? Evidence from Turkey

Białkowski, Jędrzej; Bohl, Martin T.; Kaufmann, Philipp; Wisniewski, Tomasz Piotr

doi:10.1016/j.ememar.2013.02.003

Cited by 55 publications

(19 citation statements)

References 45 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Nonetheless, it is not known with certainty whether the comparison between socially responsible investment and Islamic mutual funds will yield any differences in the findings. However, other literature attributes this result to the Ramadan effect, the consequence of which is abnormally high returns on Islamic mutual funds during Ramadan compared with the remaining periods of the year (Seyyed et al, 2005;Białkowski et al, 2012Białkowski et al, , 2013Al-Khazali, 2014;Mitchell et al, 2014;Gavriilidis et al, 2016). However, other literature attributes this result to the Ramadan effect, the consequence of which is abnormally high returns on Islamic mutual funds during Ramadan compared with the remaining periods of the year (Seyyed et al, 2005;Białkowski et al, 2012Białkowski et al, , 2013Al-Khazali, 2014;Mitchell et al, 2014;Gavriilidis et al, 2016).…”

Section: Performance Of Islamic Mutual Fundsmentioning

confidence: 99%

A Review of Islamic Investment Literature

Hassan

Aliyu

Paltrinieri

et al. 2018

J of App Econs and Policy

View full text Add to dashboard Cite

This paper reviews the empirical literature on the contemporary issues of Islamic investments and highlights the future research directions. The growing literature during the last several years and the penetration of Islamic investments beyond the Muslim majority countries motivate us to review the empirical studies in the area. We therefore focus our literature review on mutual funds, sukuk and equity investments, analysing 81 articles from the most important journals dealing with the topic. The mixed findings in this area help the understanding of professionals not familiar with Islamic investment to identify the trends of the literature for important decisions. Our results have also important financial implications for asset managers willing to include Islamic financial instruments into a well-diversified portfolio.

show abstract

Section: Performance Of Islamic Mutual Fundsmentioning

confidence: 99%

A Review of Islamic Investment Literature

Hassan

Aliyu

Paltrinieri

et al. 2018

J of App Econs and Policy

View full text Add to dashboard Cite

show abstract

“…Also, Ajayi et al (2004) Seyyed et al (2005) found the existence of Ramadan effect in Saudi Arabia. Also, Białkowski et al (2013) found that mutual fund managers earn positive returns during the month of Ramadan. On contrary, indings of some studies do not support the Islamic calendar anomalies and are in line with the market ef iciency concept.…”

Section: Monday Effectmentioning

confidence: 99%

“…However, later studies have indicated many anomalous evidences regarding the ef icient market hypothesis. Market anomaly refers when investors can generate abnormal returns having market knowledge superior to others (Al-Hajieh et al, 2011;Białkowski et al, 2013;Cao and Wei, 2005;Kinata, 2016;Stulz and Williamson, 2003).…”

Section: Background Of the Studymentioning

confidence: 99%

Calendar anomalies: Review of literature

2017

J. adv. humanit. soc. sci.

View full text Add to dashboard Cite

KeywordsEf icient market hypothesis January anomaly Monday anomaly Islamic calendar months effect Abstract. A wide range of studies in economics and inance literature have addressed the issue of abnormal behaviour in equity returns during certain calendar dates. These abnormal equity returns behaviours are known as calendar anomalies which are in direct opposition to the ef icient market hypothesis. The existence of calendar anomalies does not conform to the assumptions of market ef iciency, therefore, implying that equity returns can be predicted relying on the calendar dates. The objective of current study is to review the prior studies regarding the calendar anomalies. For this purpose, the current study has adopted the review methodology and identi ied the most important studies in this area. Furthermore, the indings of these studies have been reviewed and summarized. By reviewing the previous studies, the current study has noted the growing inclination of recent studies towards the examination of these anomalies. Also, prevalence of these anomalies is documented in recent studies. The current study is the among irst of those studies which have provided a comprehensive review of the previous studies conducted on the calendar anomalies. These summarized reviews of indings of previous research may help future research studies to hold a basic understanding regarding the existence of calendar anomalies in the world equity markets.

show abstract

“…Porém, apenas recentemente a possibilidade da ocorrência de sazonalidades na indústria de fundos tem sido objeto de estudos (Alves, 2014;Białkowski et al, 2013;Brown et al, 2017;Choi, 2015;Choi, Ryu, & Seok, 2017;Gallagher & Pinnuck, 2006;Kamstra et al, 2017;Malaquias & Mamede, 2015;Mamede & Malaquias, 2017;Matallín-Sáez, 2006;Vidal-García & Vidal, 2014). A busca por pesquisas sob este tema foi feita nos principais repositórios científicos nacionais 1 e internacionais 2 , contemplando o período 2006-2018 utilizando diferentes combinações das seguintes palavras chaves: "sazonalidade" "fundos de investimento" "padrões sazonais" "anomalias de mercado" "efeito calendário" "efeito janeiro" "fluxo financeiro" "fundos de ações".…”

Section: Sazonalidade Nos Fundos De Investimentounclassified

“…ii) A possibilidade de certos efeitos sazonais, como o Efeito Janeiro, serem observados também nos fundos de investimento que alocam a maior parte dos ativos de suas carteiras no mercado de ações (Alves, 2014;Białkowski et al, 2013;Brown et al, 2017;Choi, 2015;Choi, Ryu, & Seok, 2017;Gallagher & Pinnuck, 2006;Kamstra et al, 2017;Malaquias & Mamede, 2015;Mamede & Malaquias, 2017;Matallín-Sáez, 2006;Vidal-García & Vidal, 2014); iii) Os investidores dos fundos de ações podem fazer o resgate ou aplicação de novas cotas conforme suas expectativas, em resposta às alterações do mercado financeiro, bem como com o intuito de rever sua alocação de recursos.…”

Section: Sazonalidade Nos Fundos De Investimentounclassified

Os anos mudam mas o efeito continua o mesmo em todos os meses de janeiro? Uma análise de sazonalidade e do fluxo financeiro dos fundos de ações brasileiros.

Grossi¹

View full text Add to dashboard Cite

Do mutual fund managers exploit the Ramadan anomaly? Evidence from Turkey

Cited by 55 publications

References 45 publications

A Review of Islamic Investment Literature

A Review of Islamic Investment Literature

Calendar anomalies: Review of literature

Os anos mudam mas o efeito continua o mesmo em todos os meses de janeiro? Uma análise de sazonalidade e do fluxo financeiro dos fundos de ações brasileiros.

Contact Info

Product

Resources

About