TOQ Effects on the Romanian Foreign Exchange Market

7 Pages Posted: 11 May 2021

Date Written: May 10, 2021


Many calendar anomalies were identified not only on the capital markets but also on the foreign exchange markets. This paper explores the Turn-of-the-quarter (TOQ) Effect presence on the Romanian Foreign Exchange Market. We employ daily values of the official exchange rates of the Romanian national currency against euro and US dollar for two periods: January 2007 - December 2014 and January 2015 - April 2021. The results of the investigation revealed significant changes that occurred in TOQ Effects from the first to the second period.

Keywords: TOQ Effect, Changes in time intervals of the calendar anomalies, Romanian Foreign Exchange Market

JEL Classification: F31, G14, G40

Suggested Citation

Dumitriu, Ramona and Stefanescu, Razvan, TOQ Effects on the Romanian Foreign Exchange Market (May 10, 2021). Available at SSRN: or

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics