{"title":"印度各行业的财政年度和日历年度效应:从投资者角度重新审视","authors":"P. Bhatia, Niyati Chaudhary","doi":"10.1177/09728686241262103","DOIUrl":null,"url":null,"abstract":"Anomalies in stock markets have been studied with varied approaches worldwide, and mixed outcomes exist. The present study has investigated the financial year and calendar year effect for indices from Indian markets. Sectoral indices from Indian markets have been incorporated in this study on the basis of their weightage in the stock market. Data from 2011 to 2023 have been engaged with historical prices of these indices taken from the stock exchange websites. The analysis has been carried out using the ordinary least squares regression method and the independent sample t-test. Weak anomalies have been documented in the case of the financial services sector. Therefore, the findings indicate rare possibilities for investors to gauge abnormal returns with strategies related to anomalies. With increasing transparency in the online trading mechanism, such possibilities cease to exist for investors. Moreover, market dynamics have transformed on account of several shocks such as COVID-19, Omicron, Russia–Ukraine, Visa-related international issues in the world over economies and financial markets. Investors and markets have become more cautious and look out for a precautionary approach while dealing in stock market trading.","PeriodicalId":509197,"journal":{"name":"Review of Professional Management","volume":"37 4","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Financial Year and Calendar Year Effects Across Indian Sectors: A Revisit from Investors Perspective\",\"authors\":\"P. Bhatia, Niyati Chaudhary\",\"doi\":\"10.1177/09728686241262103\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Anomalies in stock markets have been studied with varied approaches worldwide, and mixed outcomes exist. The present study has investigated the financial year and calendar year effect for indices from Indian markets. Sectoral indices from Indian markets have been incorporated in this study on the basis of their weightage in the stock market. Data from 2011 to 2023 have been engaged with historical prices of these indices taken from the stock exchange websites. The analysis has been carried out using the ordinary least squares regression method and the independent sample t-test. Weak anomalies have been documented in the case of the financial services sector. Therefore, the findings indicate rare possibilities for investors to gauge abnormal returns with strategies related to anomalies. With increasing transparency in the online trading mechanism, such possibilities cease to exist for investors. Moreover, market dynamics have transformed on account of several shocks such as COVID-19, Omicron, Russia–Ukraine, Visa-related international issues in the world over economies and financial markets. Investors and markets have become more cautious and look out for a precautionary approach while dealing in stock market trading.\",\"PeriodicalId\":509197,\"journal\":{\"name\":\"Review of Professional Management\",\"volume\":\"37 4\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-07-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Professional Management\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1177/09728686241262103\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Professional Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1177/09728686241262103","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
摘要
全世界对股票市场异常现象的研究方法多种多样,研究结果也是喜忧参半。本研究调查了印度市场指数的财政年度和日历年度效应。印度市场的行业指数根据其在股市中的权重被纳入本研究。从证券交易所网站获取了 2011 年至 2023 年的数据和这些指数的历史价格。分析采用了普通最小二乘法回归法和独立样本 t 检验法。金融服务业的异常现象较弱。因此,研究结果表明,投资者很少有可能利用与异常情况相关的策略来衡量异常回报。随着在线交易机制日益透明,投资者不再有这种可能性。此外,由于 COVID-19、Omicron、俄罗斯-乌克兰、世界经济和金融市场中与签证相关的国际问题等几次冲击,市场动态发生了变化。投资者和市场变得更加谨慎,在股票市场交易时也更加注重预防。
Financial Year and Calendar Year Effects Across Indian Sectors: A Revisit from Investors Perspective
Anomalies in stock markets have been studied with varied approaches worldwide, and mixed outcomes exist. The present study has investigated the financial year and calendar year effect for indices from Indian markets. Sectoral indices from Indian markets have been incorporated in this study on the basis of their weightage in the stock market. Data from 2011 to 2023 have been engaged with historical prices of these indices taken from the stock exchange websites. The analysis has been carried out using the ordinary least squares regression method and the independent sample t-test. Weak anomalies have been documented in the case of the financial services sector. Therefore, the findings indicate rare possibilities for investors to gauge abnormal returns with strategies related to anomalies. With increasing transparency in the online trading mechanism, such possibilities cease to exist for investors. Moreover, market dynamics have transformed on account of several shocks such as COVID-19, Omicron, Russia–Ukraine, Visa-related international issues in the world over economies and financial markets. Investors and markets have become more cautious and look out for a precautionary approach while dealing in stock market trading.