Contemporary Problems of Social Work ACADEMIC JOURNAL Vol. 4. No. 1 (13) 2018 MOSCOW CCONTEMPORARYONTEMPORARY PPROBLEMSROBLEMS CONTENTS OOFF SSOCIALOCI AL WWORKORK VVolumeolume 44,, NNo.o. 1 ((13),13), 22018018 ECONOMY ISSN 2412-5466 Burakov D.V. The Halloween Effect on Energy Markets: The journal is included into the system An Empirical Study. 4 of Russian science citation index and is available on the website: Dzhibabov M.R. www.elibrary.ru Conclusion of a Commercial Concession Agreement in Russia . .13 DOI 10.17922/2412-5466-2018-4-1 Mumba Kapansa Jacques CHIEF EDITOR Public Private Partnership in Waste Maloletko A.N. Management Based on the Theory doctor of economic sciences, professor, of Lansink’s Ladder. .20 vice-rector for research, Russian State Social University, Russia Tretyakov N.P., Kafarova M.V. DEPUTY EDITOR Kinetic Wealth Exchange Models Kaurova O.V. in Economics and Sociology . .29 doctor of economic sciences, professor, Veretekhina S.V., Korotin I.S. dean of the faculty of training of Fragmentary State Strategy of Russian Spin-Offships scientific and scientific-pedagogical personnel, Russian State Social on the Interference of Valuable Knowledge Between University, Russia High Schools and Companies of Average EDITORIAL BOARD Technological Business . .46 Feber J. (PhD, University of Trnava, Slovakia) PEDAGOGY Mirsky J. (PhD, Ben-Gurion University of the Negev, Israel) Doloza A.V. Moore Alan Thomas (Bachelor of Specifics of Formation of Professional and Applied Arts (Hons), M.A., leading to the Competences of Pedagogues-Musicians Capital FM 105.3, Ireland) in Field of Popular Vocal Art . .54 Nikiporets-Takigawa G.Yu. (PhD, Ivoeva A.V. professor, University of Cambridge, UK) Model of Formation of Deontological Culture Petrucijová J. (PhD, University of Ostrava, Czech Republic) of Organizers of Work with Youth in the Conditions of High School . .62 Roer-Strier D. (PhD, Hebrew University of Jerusalem, Israel) Sorikhina V.P., Fomina S.N. Santiesteban Perez M. (PhD, The Necessity, Essence and Content of Students’ University of Guantanamo, Cuba) Integration into Research Activities in the Turdubaev S.K. (doctor of economic Professional Training of Bachelors of sciences, associate professor, director Organization of Work with Youth . .70 of Russian State Social University in Osh, Kyrgyz Republic) Turro Breff A. (PhD, University of SOCIOLOGY Guantanamo, Cuba) Chernikova A.A. Vietze D. (PhD, The City University of New York, USA) Educational Migrants: Sociocultural Environment As a Key Factor Vietze P. (PhD, Montclair State University, USA) in the Formation of Life-Learning Strategies. .77 Badmatsyrenov T.B. (candidate Steklov V.A. of sociology sciences, associate Judgment Concept «Virtual Reality» Modern Science . 84 professor, Buryat State University, Buryatia, Russia) Chernikova L.I. (doctor of PSYCHOLOGY economic sciences, associate professor, Financial University under Alferova I.A. the Government of the Russian Socialization of Elderly People . .91 Federation, Russia) LABOUR PROTECTION Dusenko S.V. (doctor of sociological Nahapetyan A.A., Erokhova V.V. sciences, associate professor, Russian State University of Physical Prospects for the Introduction of Evaluation Education, Sport, Youth and Tourism Methods in the Process of Urbanization (SCOLIPE), Russia) at Different Stages. Overview. .99 Frolova E.V. (doctor of sociological sciences, associate professor, Russian SPECIAL COLUMN State Social University, Russia) Rostovskaya T.K. 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Reprint of materials and use them in any form, including electronic media, Competence of Students of Pedagogical Careers . .147 possible only with written permission of edi- torial office. Age limit: 16+ © Russian State Social University ECONOMY Burakov D.V., candidate of economic sciences, department of financial markets & banks, associate professor, Financial University Under the Government of the Russian Federation, Moscow. E-mail: [email protected] Scopus Author ID: 55938434300 ORCID ID: orcid.org/0000-0003-3019-5200 UDC 33 DOI 10.17922/2412-5466-2018-4-1-4-12 The Halloween Effect on Energy Markets: An Empirical Study Receiving date: Preprint date: Taking to print date: 15.01.2018 28.02.2018 30.03.2018 Annotation: seasonal anomalies play an important role in the global economic system. One of the most frequently empirically observed anomalies is the Halloween effect. Halloween effect describes the anomaly in the financial markets, which is that the returns of different assets in the summer period generally are lower than the returns in the winter period. This study tests the hypothesis of the existence of the Halloween effect on the energy markets over the period from 1985 to 2016. The sample includes series of prices for various energy resources. The econometric estimation showed that for a range of energy markets, returns during the summer period are higher than the returns in winter ones. The difference in returns is statistically significant, which speaks in favor the Halloween effect. Key words: Halloween effect, financial market, energy market, bounded rationality, investor sentiment. JEL classification: А100, А110, А130. Introduction Financial markets are in constant evolution. Markets are constantly developing new methods of risk analysis. There are new products and technologies that contribute to increasing information asymmetry. But even against the desire of market players to reduce market uncertainty, force of habit as a manifestation of bounded rationality continues to exist. Among the manifestations of bounded rationality in the prevailing habits and traditions are seasonal or calendar anomalies. Calendar anomaly is a cyclic pattern of behavior of players of different markets, characterized by cyclical oscillations in returns in the financial markets. The most common seasonal anomalies are day of the week effect, January effect, the month effect and the Halloween effect. Studies show that not all the calendar anomalies occur in each market. Among the most common cases, the calendar effect is found in equity markets [12; 21], however some authors found that seasonal anomalies can be present on the markets of different goods [4; 25]. 4 VOLUME 4, No. 1 (13), 2018 Since seasonal and calendar anomalies represent irrational form of habits, it is logical to assume that the Halloween effect is in contradiction with the full rationality assumption of the neoclassical school of economic thought. In the case of financial markets, this contradiction is manifested in the inability to describe this seasonal anomaly with the efficient markets hypothesis [10]. As follows from the main provisions of the efficient markets hypothesis, the current price of an asset incorporates and reflects all the available information about the asset, respectively, arbitrage opportunities or generating income above the norm on the market simply do not exist when using