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Calendar trading of Taiwan stock market: A study of holidays on trading detachment and interruptions

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  • Yang, Ann Shawing

Abstract

We analyze the influence of the Chinese lunar calendar and superstitions on holiday preferences using theories on time and mood to identify investor sentiment. Trading interruptions caused by Thursday holidays negative significantly influence investor sentiment for trust companies and individual investors. Trading detachment derived from cultural holidays in June positive significantly influences investor sentiment for dealers and individual investors. Trust companies and the market exhibit significantly positive sentiments toward winter holidays. The stock exchange indicates negative and positive sentiments toward winter holidays and holidays in January. Cultural holidays and superstition in Taiwan indicate strong support for holiday preferences in Asia.

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  • Yang, Ann Shawing, 2016. "Calendar trading of Taiwan stock market: A study of holidays on trading detachment and interruptions," Emerging Markets Review, Elsevier, vol. 28(C), pages 140-154.
  • Handle: RePEc:eee:ememar:v:28:y:2016:i:c:p:140-154
    DOI: 10.1016/j.ememar.2016.08.004
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    Cited by:

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    2. Qureshi, Fiza & Kutan, Ali M. & Ismail, Izlin & Gee, Chan Sok, 2017. "Mutual funds and stock market volatility: An empirical analysis of Asian emerging markets," Emerging Markets Review, Elsevier, vol. 31(C), pages 176-192.

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    More about this item

    Keywords

    Individual and institutional investors; Holiday preferences; Theories on time and mood; Quantile regression;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services

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