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The Bombay Stock Exchange: seasonalities and investment opportunities

The Bombay Stock Exchange: seasonalities and investment opportunities Investigates whether the Bombay Stock Exchange behaves like an efficient market, or whether it displays a typical seasonal pattern. Takes mean daily returns between 1979 and 1990 to discover by regression that there is a December effect. Considers whether this is because of holidays, broker recommendations or window dressing by mutual fund managers. Notes a weekend effect like the New York Stock Exchange, and considers Bombay to be weak‐form efficient; but points out that banking and transport are nationalized in India but private in the USA. Explains that government regulation, which prevents foreign trading in Bombay or Indian trading on the New York Stock Exchange, has left the Bombay exchange autonomous, less affected by external factors and more by domestic conditions. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Finance Emerald Publishing

The Bombay Stock Exchange: seasonalities and investment opportunities

Managerial Finance , Volume 24 (3): 10 – Mar 1, 1998

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Publisher
Emerald Publishing
Copyright
Copyright © 1998 MCB UP Ltd. All rights reserved.
ISSN
0307-4358
DOI
10.1108/03074359810765426
Publisher site
See Article on Publisher Site

Abstract

Investigates whether the Bombay Stock Exchange behaves like an efficient market, or whether it displays a typical seasonal pattern. Takes mean daily returns between 1979 and 1990 to discover by regression that there is a December effect. Considers whether this is because of holidays, broker recommendations or window dressing by mutual fund managers. Notes a weekend effect like the New York Stock Exchange, and considers Bombay to be weak‐form efficient; but points out that banking and transport are nationalized in India but private in the USA. Explains that government regulation, which prevents foreign trading in Bombay or Indian trading on the New York Stock Exchange, has left the Bombay exchange autonomous, less affected by external factors and more by domestic conditions.

Journal

Managerial FinanceEmerald Publishing

Published: Mar 1, 1998

Keywords: Bombay Stock Exchange; Developing countries; Efficiency; Foreign investment; India; Seasonality; Stock markets

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