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AN ANALYSIS OF RAMADAN EFFECT BY GJR-GARCH MODEL: CASE OF BORSA ISTANBUL

100%
Akbalik M., Tunay K. B.
Oeconomia Copernicana
|
2016
|
vol. 7
|
issue 4
593-612
EN
Although there are a lot of studies testing the calendar effect in BIST, there are limited numbers of studies testing the Ramadan effect. In this study, the period of 05 August 1997–24 October 2014 is tested by the GJR-GARCH(1,1) model on the basis of BIST 30, 100, all, second national, sectors and sub-sectors. In some of the models, the dummy variable of Ramadan did not have significant coefficients. In the models that provide significant value of the dummy variable of Ramadan, coefficients of this variable are negative. This shows that, in the Ramadan, return rates of the second national index, chemistry, and manifacturing, textile, trust companies sectors are affected negatively. Any significant result could not be found whether Ramadan has effect upon other sector indices. Findings are in the direction that even if the month of Ramadan generally doesn’t increase the average return, it makes a positive impact on the market by reducing the volatility of returns.
2
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Bezradnost metodologie kosmologie?

75%
Havlík V.
Filosofický časopis (Philosophical Journal)
|
2015
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vol. 63
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issue 2
247-266
EN
This paper deals with the testing capabilities of the modern methodology of science in the specific problem area of cosmology. I propose to monitor the responses of selected competing methodologies (Kuhn, Lakatos) on two questions: 1) To what extent are modern methodologies able to cope with the problem area as a descriptive task? and 2) to what extent are modern methodologies able to cope with the problem area as a prescriptive task? In both cases it appears that the tested methodologies find themselves in a quandary when trying to submit answers. The conclusion of the article attempts to show that this quandary remains, in a certain form. However, this does not mean that methodology should give up its fundamental role, ie. the role of being a heuristics in achieving knowledge
3

Anomalie sezonowe na Giełdzie Papierów Wartościowych w Warszawie w latach 1997 – 2016

63%
Ostrowska E., Zelewska A.
Pieniądze i Więź
|
2017
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vol. 20
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issue 3(76)
59-67
PL
W artykule przedstawiono skutki wpływu czynników psychologicznych na decyzje inwestorów, podejmowane na Giełdzie Papierów Wartościowych w Warszawie. Analizie poddano średnie miesięczne i dzienne stopy zwrotu z indeksu WIG. Zaprezentowano również duże znaczenie posiadania wiedzy na temat występowania na danej giełdzie anomalii dla inwestorów konstruujących portfel inwestycyjny. Z przeprowadzonych badań wynika, że inwestorzy, chcąc zarobić na wykorzystaniu anomalii sezonowych w swoich strategiach budowania portfela inwestycyjnego, spowodowali zniwelowanie występowania tych anomalii na rynku. Anomalie sezonowe występowały na Giełdzie Papierów Wartościowych w Warszawie do czasu upowszechnienia się informacji dotyczących znaczenia uwarunkowań behawioralnych.
EN
The article presents the effects of the influence of psychological factors on investors’ decisions made on the Warsaw Stock Exchange. The average monthly and daily returns from the WIG index were analysed. The importance of having a knowledge about the existence of anomalies for investors constructing an investment portfolio was also presented. The research shows that investors, wishing to make use of seasonal anomalies in their investment portfolio strategies, have reduced the occurrence of these anomalies in the market. Seasonal anomalies occurred on the Warsaw Stock Exchange until the information about the importance of behavioural determinants became popular.
4

Přehlídky lidských kuriozit v kontextu dobové komiky

63%
Půtová B.
Národopisná revue (Journal of Ethnology)
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2016
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vol. 26
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issue 1
3 - 18
EN
The paper focuses on ethnologic and cultural-anthropologic analysis of freak shows. This was one of the forms of Eurocentric and inhumane approach to corporal and cultural dissimilarities in members of extra-European cultures, or physically handicapped people whose differences became a subject of exhibitions and other forms of public presentations. The freak shows accentuated particularly exotic features of different individuals, their morphological dissimilarities and any other deviations and anomalies differing from the standards related to European population. The paper describes, analyses and interprets historical, cultural, social and power factors and causes which made it possible to turn “the others” into a subject of amusement, astonishment and comic. The paper presents principles and strategies employed by freak shows, mostly determined by their impresarios (Phineas Taylor Barnum, Carl Hagenbeck, Albert Geoffroy Saint-Hilaire, William Leonard Hunt). In addition to circuses, zoological gardens and wax museums, the paper does not ignore the influence these freak shows had on theatres, music halls and cabarets. The final part of the paper reveals the inhumane message of freak shows which were grounded on ideological and power construction of Eurocentric cultural standards and values. The aim of the paper is to draw attention to a frequently omitted field of ethnology and cultural anthropology, as well as to the negative consequences resulting from constructing “the others” in the context of mass entertainment and the comic.
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