Calendar Variances in Indian Stock Market – Conceptual Perspective through Literature Survey (Day-of-the-Week Effect)

ICIMP-2018 | SPECIAL ISSUE | SEP-2018 | Published Online: 03 October 2018    PDF ( 240 KB )
Author(s)
Dr. V. Sureshbabu 1; R. Vinitha 2

1Assistant Professor, PG & Research Department of Commerce, Mannar Thirumalai Naicker College, Pasumalai, Madurai, Tamil Nadu (India)

2Research Scholar (Ph.D.,Part Time) PG & Research Department of Commerce, Mannar Thirumalai Naicker College, Pasumalai, Madurai, Tamil Nadu (India)

Abstract

The stock markets are vital economic institutions in developing countries like India, since they facilitate the transfer of private savings in to business investment and provide liquidity to investors. They are associated with wealth creation and capitalism. Stock exchanges allow businesses access to capital and provide opportunity to enhance their visibility and public image. This study investigates the existing literature in the field of Calendar Variances in Indian Stock Market. Calendar anomalies are market patterns that lead to abnormal returns and present a challenge to the EMH. The main intention of this Literature survey is to review various stock market variances that were experimental over time in different stock indices in India. The Variance analysed in this literature survey is the Day-of-the week-effect.

Keywords
Calendar Variances/Anomalies, Day-of-the week-effect, Efficient Market Hypothesis, Semi-strong EMH
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