The ‘January Effect’ Results in the Athens Stock Exchange (ASE)
Hellenic Open University
Dikaios E. Tserkezost
affiliation not provided to SSRN
June 4, 2008
Global Journal of Finance and Banking Issues (GJFBI), Vol. 2, No. 2, 2008
This paper examines the so-called ‘January effect’ in the Athens Stock Exchange (ASE) for the period January 1985 to December 2001. This period is considered as one of the most significant in the economic and financial history of the country. In contrast with other studies, significantly higher returns are documented in January and low returns in November over the sample period. According to the research results, the mean daily returns in January have fallen by almost 25% over a ten-year period, pointing to a weakening January effect. Lastly, we apply our findings to an Athens Stock Exchange investment scenario, in which investors ‘buy’ and ‘sell’ a portfolio of stocks, based on the General Index.
Number of Pages in PDF File: 12
Keywords: January effect, Stock exchange investments, Stocks returns
JEL Classification: G15, C32Accepted Paper Series
Date posted: January 23, 2010
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