التأثيرات الموسمية على عوائد الأسهم : دراسة تطبيقية على سوق العراق للأوراق المالية للفترة الزمنية من 2014-2018

Abstract EN

This study aimed at detecting the existence of evidence of seasonal anomalies such as, the day of the week effect and the month effect on stock returns in the Iraqi Stock Exchange (ISX).

The daily closing prices of the Iraqi index, ISX Main 60, are used over the period 20-3-2014 to 31-3-2018.

The OLS and GARCH statistical methods are employed to investigate these effects on Iraqi stock returns.

The results of the study showed that there is an existence of the day of the week effect and month effect on the stock returns.

The study concluded that the Iraqi stock market is inefficient at the weak level because of presence of these effects.

Therefore, investors have an opportunity to exploit these anomalies and make abnormal profits