East meets West: When the Islamic and Gregorian Calendars Coincide

Nongnuch Tantisantiwong, Anwar Halari, Christine Helliar (Lead / Corresponding author), David Power

    Research output: Contribution to journalArticlepeer-review

    7 Citations (Scopus)
    221 Downloads (Pure)


    Recent research has documented that at the time of religious celebrations in Muslim countries, such as Ramadan, there is a “festival” effect in share returns. In the Gregorian calendar, December is also a time of celebration and festivities which may be associated with patterns in the behaviour of security prices. Further, the first month of the year in the Islamic calendar, Muharram, is a time of sadness and mourning for some believers, and there may be an effect when the Islamic first month of the year overlaps with the first month of the Gregorian year - January. Over a 33-year cycle, each Islamic month falls in a Gregorian month for about 5-6 consecutive years; when this happens, an Islamic (Eastern) calendar effect may interact with a Gregorian (Western) calendar effect. The current paper addresses this issue by examining the behaviour of share returns and volatility for individual companies listed in Muslim countries’ stock exchanges when the two calendars coincide for: (i) religious festival effects; (ii) first-month-of-the-year effects; and (iii) the two most common effects reported in the Islamic and Gregorian calendars (Ramadan and January). The results show that the Western and Eastern effects interact more prominently in larger companies and in larger or more developed markets.
    Original languageEnglish
    Pages (from-to)402-424
    Number of pages23
    JournalBritish Accounting Review
    Issue number4
    Early online date26 Nov 2017
    Publication statusPublished - Jun 2018


    • Ramadan
    • Muharram
    • January
    • festival effects
    • first-months-of-the-year effects


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