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Analysis of Selected Seasonality Effects in the Following Metal Markets: Gold, Silver, Platinum, Palladium and Copper

100%
Borowski K., Łukasik M.
Journal of Management and Financial Sciences
|
2017
|
vol. 27(1)
59-86
EN
The commodity market has been becoming one of the most popular segments of the financial markets among individual and institutional investors in recent years. Similarly to the equity market, the problem of anomalies in the commodities market is becoming an interesting phenomenon, especially in the segment of the precious metals. This paper tests the hypothesis of monthly, the day-of-the week and weekend effects of the precious metal markets quoted on the London Metal Exchange for gold, silver, platinum and copper in the period of 1.01.1995–31.12.2015 considering also palladium in the period 1.01.1998–31.12.2015. Calculations presented in this paper indicate the absence of the monthly effect on gold, silver, platinum, copper markets but proved occurrence of monthly anomaly in the month of September on palladium market. In the analyzed period day of- the week effect for any of the studied metal markets was not observed but the weekend effect was registered on the gold and copper markets.
2

Macedonian Small Investors’ Behavior Towards Stock Market

75%
Angelovska J.
Zagreb International Review of Economics and Business
|
2015
|
vol. 18
|
issue 1
51-60
EN
Convenience sample survey was fielded to the Macedonian individual stock market investors to find out whether their investment behavior can be explained by some underlying factors grounded in the behavioral approach to the study of financial markets. Descriptive statistics technique has been used to analyze the investors’ attitude about the market’s efficiency and to test different theories of behavioral finance. The results have indicated that investors are not completely rational individuals as supposed by theories of traditional finance. Also in the theoretical framework of behavioral finance Macedonian investors use heuristics, or rules of thumb, when judging information and forming beliefs, but Macedonian investors do not behave as suggested within prospect theory and regret aversion.
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