Table 2. Summary of mean return of...

Table 2.

Summary of mean return of religious holiday and non-religious holiday

		Buddha Purnima	Diwali	Christmas	Dussehra	Eid al-Fitr	Good Friday	Holi	Mahavir Jayanti	Ganesh Chaturthi	Maha Shivratri	Gurunanak Jayanti	Muharram
BSE	Holiday	0.38%	−0.07%	−0.07%	−0.20%	0.10%	−0.23%	−0.11%	−0.23%	0.46%	0.16%	0.01%	−0.21%
	Non-holiday	0.07%	0.08%	0.07%	0.08%	0.07%	0.08%	0.07%	0.08%	0.07%	0.06%	0.07%	0.06%
	T-stat	1.39***	−1.26	−0.63	−1.22	0.31	−1.42**	−0.81	−1.35***	1.76**	0.56	0.28	−1.59**
	F-stat	1.42***	1.16	0.81	0.53	0.54	0.97	0.97	1.11	0.46	0.98	0.83	1.70**
NSE	Holiday	−0.13%	0.10%	0.10%	−0.03%	0.04%	−0.02%	−0.22%	0.27%	0.51%	0.27%	0.13%	0.19%
	Non-holiday	0.06%	0.06%	0.06%	0.05%	0.06%	0.06%	0.06%	0.06%	0.05%	0.06%	0.06%	0.06%
	t-Stat	−1.25	−0.25	−0.25	−0.59	−0.14	−0.55	−0.53	−1.39***	2.95*	1.39**	0.44	−0.24
	F-stat	0.67	0.71	0.71	0.94	0.72	1.05	1.78**	1.19	0.58	1.38**	0.92	1.27***

		BuddhaPurnima	Diwali	Christmas	Dussehra	Eid al-Fitr	Good Friday	Holi	Mahavir Jayanti	Ganesh Chaturthi	Maha Shivratri	Gurunanak Jayanti	Muharram
BSE	Holiday	0.38%	−0.07%	−0.07%	−0.20%	0.10%	−0.23%	−0.11%	−0.23%	0.46%	0.16%	0.01%	−0.21%
	Non-holiday	0.07%	0.08%	0.07%	0.08%	0.07%	0.08%	0.07%	0.08%	0.07%	0.06%	0.07%	0.06%
	T-stat	1.39***	−1.26	−0.63	−1.22	0.31	−1.42**	−0.81	−1.35***	1.76**	0.56	0.28	−1.59**
	F-stat	1.42***	1.16	0.81	0.53	0.54	0.97	0.97	1.11	0.46	0.98	0.83	1.70**
NSE	Holiday	−0.13%	0.10%	0.10%	−0.03%	0.04%	−0.02%	−0.22%	0.27%	0.51%	0.27%	0.13%	0.19%
	Non-holiday	0.06%	0.06%	0.06%	0.05%	0.06%	0.06%	0.06%	0.06%	0.05%	0.06%	0.06%	0.06%
	t-Stat	−1.25	−0.25	−0.25	−0.59	−0.14	−0.55	−0.53	−1.39***	2.95*	1.39**	0.44	−0.24
	F-stat	0.67	0.71	0.71	0.94	0.72	1.05	1.78**	1.19	0.58	1.38**	0.92	1.27***

Notes: This table represents the estimated result on mean return using paired t-test and F-test for religious and non-religious holidays. The test provides whether religious holidays mean return are significantly different from non-religious holidays mean returns. The entire sample span for 1 January 1990–30 April 2022. *, ** and ***represent statistical significance at 1, 5 and 10% levels, respectively

Source: Author computation using Eview statistical package

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