论文：

Fast profits: Investor sentiment and stock returns during Ramadan-Observed by more than 1.5 billion Muslims, Ramadan is one of the most celebrated religious traditions in

the world. We investigate stock returns during Ramadan for 14 predominantly Muslim countries over the

years 1989–2007. The results show that stock returns during Ramadan are significantly higher and less

volatile than during the rest of the year. No discernible declines in market liquidity are recorded. We find

these results consistent with a notion that Ramadan positively affects investor psychology, as it promotes

feelings of solidarity and social identity among Muslims world-wide, leading to optimistic beliefs that

extend to investment decisions.