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1 – 10 of 12Kenneth M Washer, Srinivas Nippani and Robert R Johnson
Several articles in the popular press have detailed an end-of-year anomaly known as the Santa Claus Rally, a period best defined as the last five trading days of December and the…
Abstract
Purpose
Several articles in the popular press have detailed an end-of-year anomaly known as the Santa Claus Rally, a period best defined as the last five trading days of December and the first two trading days of January. The purpose of this paper is to examine US stock market returns over this period from 1926 to 2014.
Design/methodology/approach
The authors examine the Santa Claus Rally by relating it to firm size in the stock markets of the USA. The Santa Claus Rally consists of the last five trading days in December and the first two in January. The authors use t-tests, non-parametric test and regression analysis to determine if investors in small firms get superior returns over the period 1926-2014.
Findings
The authors find that returns are generally higher during the period and that the effect is considerably stronger for small-firm portfolios relative to large capitalization portfolios. The authors also provide convincing evidence that the three most important trading days (especially for small stock portfolios) are the last trading day in December and the first two trading days in January.
Research limitations/implications
The authors only check the markets in the USA. Market makers can use this to get significantly high returns during the Christmas-New Year period. The study shows for the first time that there is a size effect as part of the Santa Claus Rally.
Practical implications
This is the first study to show that Santa Claus Rally exists for a long time in the USA. It is the first study to show that there is a size effect in Santa Claus Rally. Market participants could get significantly higher returns by investing or being invested in the stock market during this period.
Social implications
The impact of the holiday season on stock market returns.
Originality/value
This is the first major academic study to examine Santa Claus Rally in this much detail. The authors not only show that the rally exists, the authors show that it is based on firm size and has been in existence for nearly 90 years in the USA.
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This paper examines the effect of the holy month of Ramadan on the returns and conditional volatility of cryptocurrency markets.
Abstract
Purpose
This paper examines the effect of the holy month of Ramadan on the returns and conditional volatility of cryptocurrency markets.
Design/methodology/approach
The closing prices of six cryptocurrencies have been considered. The study employs different classical tests for checking if the efficiency behaviour is similar during Ramadan celebration days and non-Ramadan days. Besides, dummy variable regression technique for assessing this anomaly on returns and volatilities has been applied.
Findings
Although no significant effect on returns and volatility for Litecoin has been found, the results provide evidence about the existence of the Ramadan effects in cryptocurrency markets. The results of the mean equations show the existence of Ramadan effect for Ethereum, Ripple, Stellar and BinanceCoin for all considered models. Significant effect on Bitcoin returns is found with an autoregressive model of order 1. The results of conditional volatility show Ramadan effect on volatility is not detected.
Originality/value
First, a new contribution in the incipient study of cryptocurrency analysis. Second, a comprehensive review of recently published empirical articles about Ramadan effect on traditional assets has been carried out. Third, unlike most of the papers focussed on the study of Bitcoin, this study has been extended to six cryptocurrencies. Ramadan effect have not been analysed in cryptomarkets yet. This study come to fill this gap and analyses Ramadan effect, previously documented for traditional assets, in particular, stock index from Muslim countries, but not yet analysed in the cryptocurrency markets.
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The organization of events in public spaces in the cities of Oporto, Vila Nova de Gaia (both in Portugal), and Barcelona (Spain) led us to propose a classification of thematic…
Abstract
The organization of events in public spaces in the cities of Oporto, Vila Nova de Gaia (both in Portugal), and Barcelona (Spain) led us to propose a classification of thematic cities. The conclusions are the result of social representations of organizers and sponsors in the three cities and, thus, it is a qualitative study carried out in research Ph.D. in Sociology at the Faculty of Letters of the University of Oporto. We propose the presentation of some events organized in three public spaces – Aliados Avenue in Oporto, Cais de Gaia’s waterfront in Vila Nova de Gaia, and Ramblas in Barcelona – to make its framing in terms of objectives, motivations, and public. We also appealed to the social representations of interviewees to evaluate the quality and structure of public spaces in the two cities in the metropolitan area of Oporto in comparison with the Catalan city. Finally, we propose the typification of the three cities according to the features presented throughout the chapter.
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The editorials of the then-new Business Week during the 1929–1933 contraction offered sophisticated Keynesian policy prescriptions: against a laissez-faire response, against…
Abstract
The editorials of the then-new Business Week during the 1929–1933 contraction offered sophisticated Keynesian policy prescriptions: against a laissez-faire response, against deflation, against balanced-budget fetishism, for monetary expansion. These editorials, which seem to have been largely forgotten, likely played a considerable role in the dissemination of Keynesian economics in the United States in the 1930s. This chapter reviews the editorials and their congruence with Keynes’s writings. The magazine’s archives, including surveys of their readers, suggest that the editorials were among the most read and most valued parts of the magazine. The magazine cultivated an elite executive readership at that time, so the editorials may well have been important in gaining business support for Keynesian policies in the early New Deal.
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This chapter is an exercise in speaking, letting individuals speak for themselves insofar as possible. As Marx famously put it, “they cannot represent themselves, they must be…
Abstract
This chapter is an exercise in speaking, letting individuals speak for themselves insofar as possible. As Marx famously put it, “they cannot represent themselves, they must be represented.” The “they” were peasants, potato farmers in 1840s France, and by extension peasants, workers, and other lower class groups, not to mention women and minorities who rarely made it into the historical record, and even more rarely in their own words. To give “voice to the voiceless,” as the now old new social historians of the 1960s and 1970s put it, I consciously include here numerous speakers, arranged in two sets of different voices: quotes in the text and endnotes to further document and amplify points. With this plethora of voices, the aim is not to complicate but to speak clearly, listen carefully, and engage respectfully. To multiply the speakers speaking is the single best way to make two primary points concerning what is most important about the Chief Illiniwek mascot controversy: that the sheer number of individuals speaking out is in itself significant, and that this community colloquy all comes down to identity – who we are, individual identity, communal identity.
A crisis, according to the Oxford English Dictionary, is “a decisive moment”, “a turning point”, “a time of great difficulty”. If this is the case, then marketing cannot possibly…
Abstract
A crisis, according to the Oxford English Dictionary, is “a decisive moment”, “a turning point”, “a time of great difficulty”. If this is the case, then marketing cannot possibly be in crisis. Crises are temporary states of heightened anxiety, whereas marketing is in a semi‐permanent philosophical pickle. Or so scholarly commentators would have us believe. This paper argues that there is no crisis of representation in marketing. There are more, and more varied, representations of marketing than there have ever been. Representationally speaking, marketing is living in a golden age, a time of Croesus and King Midas. The real problem is that many of these representations are not very good, albeit for understandable reasons. We need to raise the quality rather than increase the quantity of our “experimental” endeavours and this paper makes five recommendations to that end.
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Most of the managers I meet (and I reckon to have met a few thousand over the last ten years) are dissatisfied with their lot. Many have an ambition to “retire at forty‐five” (or…
Abstract
Most of the managers I meet (and I reckon to have met a few thousand over the last ten years) are dissatisfied with their lot. Many have an ambition to “retire at forty‐five” (or thirty‐five, depending on their age); a perceptible minority “drop out”, watched more or less wistfully by many of their colleagues; most of all, they tell you they want to do their own thing, to work for themselves.
Historically, Panama has always been “a place of transit.” While technically the isthmus formed part of Colombia in the nineteenth century, it was linked geopolitically to the…
Abstract
Historically, Panama has always been “a place of transit.” While technically the isthmus formed part of Colombia in the nineteenth century, it was linked geopolitically to the United States soon after the California gold rush, beginning in the late 1840s. The first attempt at building a canal ended in failure in 1893 when disease and poor management forced Ferdinand de Lesseps to abandon the project. The U.S. undertaking to build the canal could only begin after Panama declared itself free and broke away from Colombia in 1903, with the support of the United States.
– The purpose of this study is to raise the issue of contemporary retromania with marketing historians.
Abstract
Purpose
The purpose of this study is to raise the issue of contemporary retromania with marketing historians.
Design/methodology/approach
This is a reflective essay combining personal experiences with empirical exemplars.
Findings
It is found that retromarketing is a subject requiring scholarly scrutiny. The commodification of the past is increasingly prevalent and marketing historians are ideally placed to lead the discussion.
Research limitations/implications
As yestermania is unlikely to evaporate anytime soon, it provides rich, socially and managerially relevant pickings for marketing historians.
Originality/value
Aside from the scurrilous suggestion that historians should get out of the dusty archives, it argues that originality is overrated.