Feedback Trading and the Ramadan Effect in Frontier Markets

Panos Andrikopoulos, Yuetin Cui, Samar Gad, Vasileios Kallinterakis

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    10 Citations (Scopus)
    182 Downloads (Pure)


    We examine the presence of the Ramadan effect in feedback trading drawing on a sample of eleven majority Muslim markets for the period of 29/6/2001 to 1/8/2016. Feedback trading is significant in several of these markets, appearing stronger outside, rather than within, Ramadan. These results hold for the full sample period, including before and after the global financial crisis raising the possibility that Ramadan’s widely documented lower volatility is related to the reduced presence of feedback trading during that month. We attribute our findings to Ramadan’s traditionally documented low volumes rendering feedback trading less feasible during that month.
    Original languageEnglish
    Article number101085
    JournalResearch in International Business and Finance
    Early online date12 Aug 2019
    Publication statusPublished - 1 Jan 2020

    Bibliographical note

    NOTICE: this is the author’s version of a work that was accepted for publication in Research in International Business and Finance. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Research in International Business and Finance, 51, (2020)
    DOI: 10.1016/j.ribaf.2019.101085

    © 2020, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International


    • Feedback trading
    • Ramadan effect
    • Frontier markets

    ASJC Scopus subject areas

    • Finance


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