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The holiday effect in african stock markets

Author: 
Brinwa Kra, Xing Lu and Haiyan Yin

This researchinvestigates the holiday effects in the African stock market and found strong evidence of pre-holiday effect in one of the most representative market indices. We findsignificantly higher returns on the trading day before a public holiday, relative to regular trading days. Furthermore, this effect is weakened, both statistically and economically, after the inception of financial crisis. It may signal improvement in the market efficiency in Africa.

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