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/ http://journalarticle.ukm.my/7927/ http://journalarticle.ukm.my/7927/1/748-1427-1-SM.pdf

id	ukm-7927
recordtype	eprints
spelling	ukm-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
repository_type	Digital Repository
institution_category	Local University
institution	Universiti Kebangasaan Malaysia
building	UKM Institutional Repository
collection	Online Access
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/ http://journalarticle.ukm.my/7927/ http://journalarticle.ukm.my/7927/1/748-1427-1-SM.pdf
first_indexed	2023-09-18T19:51:02Z
last_indexed	2023-09-18T19:51:02Z
_version_	1777406220402950144

January effect: The Malaysian experience

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