The Saturday effect: an interesting anomaly in the Saudi stock market

Turki Abalala and Robert Sollis

Applied Economics, 2015, vol. 47, issue 58, 6317-6330

Abstract: The vast majority of empirical research on calendar anomalies has studied financial markets in countries where the Western calendar is used. This article investigates day of the week effects in Saudi Arabia's stock market, where an Islamic calendar is used and where Saturday is the first working day of the week over the sample period considered. The Saudi stock market is the largest in the Gulf region, and we consider both total market data (the TASI index) and data for 15 sector indices. Our investigation reveals the existence of a positive Saturday effect, which contrasts with the results on first day of the week effects that are typically obtained for Western calendar markets.

Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://hdl.handle.net/10.1080/00036846.2015.1071469 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:applec:v:47:y:2015:i:58:p:6317-6330

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAEC20

DOI: 10.1080/00036846.2015.1071469

Access Statistics for this article

Applied Economics is currently edited by Anita Phillips

More articles in Applied Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().