dc.description.abstract | The security market is a very important component of any country's economy, in other
words, it attracts investors and ultimately contributing to the economic growth of such
countries. For example, what an investor may look for before investing is market
efficiency. EMH provides that information is fully available and reflected in the prices of
security and if this information is available to all investors then abnormal profits are not
possible (Fama, 1970). According to Khan, Khan and Khan (2014), if there are
opportunities to make abnormal profits, then the market is said to be inefficient, because
EMH was established on the idea that no individual has the ability to earn anomalous
profit. The inefficiency is referred to as an anomaly. Stock market anomalies are reported
by researchers for developed as well as emerging markets. Calendar effect is the most
talked anomaly, fundamental anomalies and calendar time anomalies may also be
observed in the stock market. For the study, the Kenya and US markets are taken as the
representative of emerging and developed markets, respectively. | en_US |