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003			OSt
005			20180425152011.0
008			180425b ||||| |||| 00| 0 eng d
100			_aAziz, Tariq _931329
245			_aThe Turn of the Month Effect in Asia-Pacific Markets: New Evidence
300			_a214-226 P.
520			_aA predictable pattern in equity returns based on the calendar time is dubbed as calendar anomaly. The prevalence of calendar anomalies is considered evidence against the efficient market hypothesis. This article examines one of the most important calendar anomalies, the turn-of-the-month (TOM) effect, in 12 major Asia-Pacific markets during the period January 2000 to April 2015, using both parametric and non-parametric tests. Under investigation, 11 out of 12 markets exhibit significant TOM effects that are independent of the turn-of-the-year (TOY) effect. Moreover, these effects are not present during the period of financial crisis. The persistence of the TOM effect in these markets, even after a quarter of a century of its initial reporting, is a puzzle which needs an explanation.
653			_aThe turn-of-the-month effect
653			_acalendar anomalies,
653			_amarket efficiency,
653			_aAsia-Pacific markets
700			_aAnsari, Valeed Ahmad _931330
773	0		_029349 _970278 _aBANIK, ARINDAM _dNEW DELHI SAGE PUBLISHING PVT. LTD. _o5558623 _tGLOBAL BUSINESS REVIEW _x0972-1509
942			_2ddc _cJA-ARTICLE