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January effect: The Malaysian experience

Past studies in the United States, Canada and Australia indicated the existance of seasonality effect, I.e. "January effect" and "end-of-the-year effect ", due to taxes imposed on the capital gains in these countries. This paper attempted to find out whether or not this conclusio...

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Main Author: Othman Yong,
Format: Article
Language:English
Published: Penerbit Universiti Kebangsaan Malaysia 1989
Online Access:http://journalarticle.ukm.my/7927/1/748-1427-1-SM.pdf
http://journalarticle.ukm.my/7927/
http://ejournals.ukm.my/pengurusan/issue/view/198
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spelling my-ukm.journal.79272016-12-14T06:45:40Z http://journalarticle.ukm.my/7927/ January effect: The Malaysian experience Othman Yong, Past studies in the United States, Canada and Australia indicated the existance of seasonality effect, I.e. "January effect" and "end-of-the-year effect ", due to taxes imposed on the capital gains in these countries. This paper attempted to find out whether or not this conclusion is also true in the case of Malaysla where there IS no tax Iiposed on the capital gains. Overall, iniatial observation showed that the average returns are higher in January compared to other months for 5 out of 6 sectors of the Kuala Lumpur Stock Exchange. However, the F-statlstlc test indicated that the overall differences among these months were not statistically significant, which means there is no seasonality effect in Malaysia. The.t-stallstlc test whIch made a detailed comparison between the average returns In January wah that of other individual month found that, except for a few cases, the average returns in January were not that much different from other months. Penerbit Universiti Kebangsaan Malaysia 1989 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/7927/1/748-1427-1-SM.pdf Othman Yong, (1989) January effect: The Malaysian experience. Jurnal Pengurusan, 8 . pp. 43-53. ISSN 0127-2713 http://ejournals.ukm.my/pengurusan/issue/view/198
institution Universiti Kebangsaan Malaysia
building Perpustakaan Tun Sri Lanang Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Kebangsaan Malaysia
content_source UKM Journal Article Repository
url_provider http://journalarticle.ukm.my/
language English
description Past studies in the United States, Canada and Australia indicated the existance of seasonality effect, I.e. "January effect" and "end-of-the-year effect ", due to taxes imposed on the capital gains in these countries. This paper attempted to find out whether or not this conclusion is also true in the case of Malaysla where there IS no tax Iiposed on the capital gains. Overall, iniatial observation showed that the average returns are higher in January compared to other months for 5 out of 6 sectors of the Kuala Lumpur Stock Exchange. However, the F-statlstlc test indicated that the overall differences among these months were not statistically significant, which means there is no seasonality effect in Malaysia. The.t-stallstlc test whIch made a detailed comparison between the average returns In January wah that of other individual month found that, except for a few cases, the average returns in January were not that much different from other months.
format Article
author Othman Yong,
spellingShingle Othman Yong,
January effect: The Malaysian experience
author_facet Othman Yong,
author_sort Othman Yong,
title January effect: The Malaysian experience
title_short January effect: The Malaysian experience
title_full January effect: The Malaysian experience
title_fullStr January effect: The Malaysian experience
title_full_unstemmed January effect: The Malaysian experience
title_sort january effect: the malaysian experience
publisher Penerbit Universiti Kebangsaan Malaysia
publishDate 1989
url http://journalarticle.ukm.my/7927/1/748-1427-1-SM.pdf
http://journalarticle.ukm.my/7927/
http://ejournals.ukm.my/pengurusan/issue/view/198
_version_ 1643737300859879424
score 13.211869

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