ABNORMAL RETURNS AT CALENDAR TURNING POINTS AT THE MALAYSIAN EXCHANGE by Zainudin Arsad

“…Although these artificial moments have little impact on economy, investors may deem them important and behave accordingly and consequently the notion that stock returns are random as claimed by the Efficient Market Hypothesis may be questioned. The primary objective of this paper is to investigate the January effect for a few indices at the Main Board of the Malaysian Exchange. …”
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ANALISIS CALENDAR ANOMALIES DI PASAR SAHAM INDONESIA TAHUN 1998 – 2018 by Hasna Fairuz Surachmadi, Anhar Fauzan Priyono, Heriyaldi Heriyaldi

“…ABSTRACT   The Efficient Market Hypothesis Theory of Fama states that stock prices cannot be predicted by its movement tendency (random walk). …”
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