...Mahipal Yasuman Gadhavi Purpose The primary motive of the research paper is to investigate the efficiency of currency market of emerging economies (BRICS countries), by analyzing the presence and consistency of calendar anomalies – specifically the day-of-the-week (DOW) effect, the January effect...

... of four calendar anomalies. It also assesses the statistical significance of the trading strategies implied by these anomalies using t-tests and applies F-tests for subperiod analysis. Findings The results reveal a generalized time-varying presence of calendar anomalies in emerging...

...Md. Bokhtiar Hasan; M. Kabir Hassan; Md. Mamunur Rashid; Md. Sumon Ali; Md. Naiem Hossain Purpose In this study, the authors evaluate seven calendar anomalies’–the day of the week, weekend, the month of the year, January, the turn of the month (TOM), Ramadan and Eid festivals–effects in both...

... reported for the developed markets. The results might be appealing to the practitioners as well in a way that they can consider the state of financial market for financial decision making. Originality/value – The authors provide the first study to examine the calendar anomalies (DOW and January...

... an appropriate test to address this oversight. © Emerald Group Publishing Limited 2012 Econometrics Assets Pricing Calendar anomalies Stationarity Econometric methods Reviewers of anomaly studies often ask researchers to provide evidence demonstrating the robustness of the studied effect...