أثر شهر يناير وعقوده الثلاث واليوم على سعر تداول أسهم الشركات المدرجة في سوق فلسطين للأوراق المالية

Abstract

This study aims at verifying the Calendar effect (the January month, three parts of the
month, and today) on the trading price of stocks of companies listed on the Palestine
Securities Exchange.
The financial statements for the period 1/1/2002 until 1/1/2010 are used.  In order to test
hypotheses of the study, the researcher uses unilateral analysis of variance (ANOVA) and
Cheve for a posteriori comparisons (Post Hoc ANOVA). It has shown a positive effect for
the month of January at the price of shares of companies, but without statistical
significance.
The study demonstrates a statistically significant difference in the returns stocks
companies during the month of January due to the variable of the economic sector, to which
these companies belong.
The study shows that stock prices in the last third of January were the highest compared to
the first and second thirds of the month. It further shows that prices were trading higher on
Thursdays than in the remaining days, but without statistical significance.
The study uses multiple linear regression equation to examine the impact of independent
variables in explaining variation in the trading price, indicating that the independent

variables of the study explain 18% of the variation in the prices of stocks traded on the
Palestine Securities Exchange.