Stock Market Performance: High and Low Months

Vichet Sum

University of Maryland Eastern Shore - School of Business and Technology

June 5, 2013

This study analyzes stock market performance in 70 countries to determine which months generate higher returns and which months exhibit lower returns. Results from numerical analyses and t-tests show that returns are significantly higher in January, February, April, July and December relative to the other months of the year. Return in the month of September is the lowest compared to the rest of the months followed by returns in August, October, June, November, May and March, respectively. The findings seem to offer evidence of the other monthly anomalies (April and December anomalies, in this case) in addition to the January anomaly reported in the literature based on the analyses of market level data.

Number of Pages in PDF File: 17

Keywords: stock market performance, January effect, April effect, December effect

JEL Classification: G10, G11, G15

working papers series

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Date posted: June 8, 2013 ; Last revised: October 31, 2013

Suggested Citation

Sum, Vichet, Stock Market Performance: High and Low Months (June 5, 2013). Available at SSRN: http://ssrn.com/abstract=2275061 or http://dx.doi.org/10.2139/ssrn.2275061

Contact Information

Vichet Sum (Contact Author)
University of Maryland Eastern Shore - School of Business and Technology ( email )
2105 Kiah Hall
Princess Anne, MD 21853
United States
410-651-6531 (Phone)
410-651-6529 (Fax)
HOME PAGE: http://www.umes.edu/bma/Sum.html
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