http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
THE JANUARY EFFECT ON THE MOVE: EVIDENCE FROM INTERNATIONAL STOCK MARKETS
Terrance Grieb,TeWhan Hahn People&Global Business Association 2006 Global Business and Finance Review Vol.11 No.1
This study examines seasonality in value vs. growth portfolio returns for 15 stock markets. This study finds that seasonal effects tend to be decreasing over time and that seasonality in high book-to-market portfolios tends to correspond with seasonality in overall market returns. A turn-of-the-year effect is also documented in that the first and/or last month of the year plays a significant role in seasonality, and that the mean returns for those months are always positive. These results suggest that rallies surrounding the turn of the year are nearly ubiquitous in the presence of seasonal returns.