Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/187537
Authors: 
Satt, Harit
Year of Publication: 
2017
Citation: 
[Journal:] Arab Economic and Business Journal [ISSN:] 2214-4625 [Volume:] 12 [Year:] 2017 [Issue:] 1 [Pages:] 57-67
Abstract: 
This study investigates holidays' effect in analyst recommendations in the MENA countries stock markets between 2004 and 2015. The findings show that on Pre-Holidays, analysts tend to issue pessimistic recommendations, and issue optimistic recommendations on Post- Holidays. Prior literature on day-of-the-week effect is endorse our results, which document an increase in stock prices during the week, and a decrease in stock prices over the weekend. We argue that analysts can benefit from the upward trend in stock prices during Post- Holidays by issuing optimistic recommendation. Analysts may as well benefit from the downward trend in stock prices by issuing pessimistic recommendations on Pre-Holidays.
Subjects: 
Eid Mawlid al-Nabi
Eid al-Fitr
Eid al-Adha
Analyst recommendations
Optimism
JEL: 
D84
E44
G02
G14
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc-nd/4.0/
Document Type: 
Article

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