Authors: Matteo Rossi; Gerarda Fattoruso
Addresses: DEMM Department, University of Sannio, Via delle Puglie, 82, 82100, Benevento (BN), Italy ' DEMM Department, University of Sannio, Via delle Puglie, 82, 82100, Benevento (BN), Italy
Abstract: This paper describes the contrast between traditional economic theories that assume the absolute rationality of individuals (Fama, 1965) and behavioural finance, which considers the irrationality of the decision maker. Beginning from previous studies (Agrawal and Tandon, 1994; Chen and Singal, 2003; and particularly Barone, 1990), the study attempted to verify the existence of anomalies in the Italian stock market (MIB). The study was directed towards the exploration of the major calendar effects in the period 1/3/2005-12/30/2015.
Keywords: behavioural finance; EMH; efficient market hypothesis; Italian stock market; weekend effect; January effect.
International Journal of Managerial and Financial Accounting, 2017 Vol.9 No.3, pp.222 - 241
Available online: 09 Sep 2017 *Full-text access for editors Access for subscribers Purchase this article Comment on this article