The Study of the Relationship between the Months of Muharram and Safar and the Financial Performance of Tehran Stock Exchange

One of the investigations that are poorly conducted in market efficiency is the investigation of the presence orabsence of seasonal patterns which are identified based on historical information and considered by analysts forpredicting the future. Since the purpose of any investor is to make profit, investors tend to buy stocks at low prices andsell them at higher prices. Accordingly, the study of the relationship between the months of Muharram and Safar andfinancial performance of Tehran Stock Exchange can be important. The main purpose of this study is to investigate theeffect of the months Muharram and Safar on the financial performance of Tehran Stock Exchange. Sampling has beencarried out through systematic elimination. The time domain of three years has been assessed and tested using timeseries data of the relationships between the variables. The results suggest that there is a significant and positiverelationship between the effect of the month of Safar and stock return and that there is a negative relationship betweenthe month of Muharram and stock return.

کلیدواژه ها:

Stock return ، Financial performance ، Performance