Stock Market Returns before and after Brokerage Firms' Fiscal Year-End: The case of Tehran Stock Exchange

Mahmood Pakbaz; Shahin Ahmadi; Majid Feshari

Volume 1, Issue 1 , July 2017, , Pages 73-84

https://doi.org/10.22034/ijf.2017.58457

Abstract
  Market efficiency paradigm and time patterns concerned, as "calendar anomalies" is a contradictory issue for researches. TSE's market participants have a negative understanding of the 6th and 12th month of the fiscal year and this issue is rooted in the obliged credit settlement of the brokerage industry ...  Read More