Cultural and non-cultural holiday effect in Japanese and South Korea stock markets
This paper investigated the existence of cultural and non-cultural holiday effect in Japanese and South Korea stock markets consisting of four selected stock indexes which are Nikkei 225, JASDAQ, KOSDAQ and KOSPI. Descriptive statistics and Ordinary Least Square (OLS) with dummy variables are adopte...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English English |
| Published: |
Penerbit UMS
2021
|
| Subjects: | |
| Online Access: | https://eprints.ums.edu.my/id/eprint/31770/1/Cultural%20and%20non-cultural%20holiday%20effect%20in%20Japanese%20and%20South%20Korea%20stock%20markets%20.pdf https://eprints.ums.edu.my/id/eprint/31770/2/Cultural%20and%20non-cultural%20holiday%20effect%20in%20Japanese%20and%20South%20Korea%20stock%20markets%201.pdf |
| _version_ | 1825714569269477376 |
|---|---|
| author | Renogadewi Sandara Segaran Chia, Ricky Chee Jiun |
| author_facet | Renogadewi Sandara Segaran Chia, Ricky Chee Jiun |
| author_sort | Renogadewi Sandara Segaran |
| collection | UMS |
| description | This paper investigated the existence of cultural and non-cultural holiday effect in Japanese and South Korea stock markets consisting of four selected stock indexes which are Nikkei 225, JASDAQ, KOSDAQ and KOSPI. Descriptive statistics and Ordinary Least Square (OLS) with dummy variables are adopted to examine the average returns and associated with the cultural and non-cultural holiday effect behavior. It is found that post-holiday and cultural post-holiday effects happened in Nikkei 225 while KOSDAQ only showed cultural post-holiday effect. On the other hand, insignificant holiday effect was found in JASDAQ and KOSPI. This holiday and cultural influences can be explained with the arguments from the trading behavior where both countries have their own cultural, own nation holidays and traditional days affecting the trading patterns in the stock markets. |
| first_indexed | 2024-03-06T03:13:46Z |
| format | Article |
| id | ums.eprints-31770 |
| institution | Universiti Malaysia Sabah |
| language | English English |
| last_indexed | 2024-03-06T03:13:46Z |
| publishDate | 2021 |
| publisher | Penerbit UMS |
| record_format | dspace |
| spelling | ums.eprints-317702022-02-26T07:49:01Z https://eprints.ums.edu.my/id/eprint/31770/ Cultural and non-cultural holiday effect in Japanese and South Korea stock markets Renogadewi Sandara Segaran Chia, Ricky Chee Jiun HF1-6182 Commerce This paper investigated the existence of cultural and non-cultural holiday effect in Japanese and South Korea stock markets consisting of four selected stock indexes which are Nikkei 225, JASDAQ, KOSDAQ and KOSPI. Descriptive statistics and Ordinary Least Square (OLS) with dummy variables are adopted to examine the average returns and associated with the cultural and non-cultural holiday effect behavior. It is found that post-holiday and cultural post-holiday effects happened in Nikkei 225 while KOSDAQ only showed cultural post-holiday effect. On the other hand, insignificant holiday effect was found in JASDAQ and KOSPI. This holiday and cultural influences can be explained with the arguments from the trading behavior where both countries have their own cultural, own nation holidays and traditional days affecting the trading patterns in the stock markets. Penerbit UMS 2021 Article PeerReviewed text en https://eprints.ums.edu.my/id/eprint/31770/1/Cultural%20and%20non-cultural%20holiday%20effect%20in%20Japanese%20and%20South%20Korea%20stock%20markets%20.pdf text en https://eprints.ums.edu.my/id/eprint/31770/2/Cultural%20and%20non-cultural%20holiday%20effect%20in%20Japanese%20and%20South%20Korea%20stock%20markets%201.pdf Renogadewi Sandara Segaran and Chia, Ricky Chee Jiun (2021) Cultural and non-cultural holiday effect in Japanese and South Korea stock markets. Labuan Bulletin of International Business & Finance (LBIBF), 19. pp. 100-117. ISSN 2600-7894 https://jurcon.ums.edu.my/ojums/index.php/lbibf/article/view/2930 |
| spellingShingle | HF1-6182 Commerce Renogadewi Sandara Segaran Chia, Ricky Chee Jiun Cultural and non-cultural holiday effect in Japanese and South Korea stock markets |
| title | Cultural and non-cultural holiday effect in Japanese and South Korea stock markets |
| title_full | Cultural and non-cultural holiday effect in Japanese and South Korea stock markets |
| title_fullStr | Cultural and non-cultural holiday effect in Japanese and South Korea stock markets |
| title_full_unstemmed | Cultural and non-cultural holiday effect in Japanese and South Korea stock markets |
| title_short | Cultural and non-cultural holiday effect in Japanese and South Korea stock markets |
| title_sort | cultural and non cultural holiday effect in japanese and south korea stock markets |
| topic | HF1-6182 Commerce |
| url | https://eprints.ums.edu.my/id/eprint/31770/1/Cultural%20and%20non-cultural%20holiday%20effect%20in%20Japanese%20and%20South%20Korea%20stock%20markets%20.pdf https://eprints.ums.edu.my/id/eprint/31770/2/Cultural%20and%20non-cultural%20holiday%20effect%20in%20Japanese%20and%20South%20Korea%20stock%20markets%201.pdf |
| work_keys_str_mv | AT renogadewisandarasegaran culturalandnonculturalholidayeffectinjapaneseandsouthkoreastockmarkets AT chiarickycheejiun culturalandnonculturalholidayeffectinjapaneseandsouthkoreastockmarkets |