ANOMALIE SEZONOWE NA RYNKACH KAPITAŁOWYCH: EFEKT STYCZNIA I BAROMETR STYCZNIA NA GIEŁDZIE PAPIERÓW WARTOŚCIOWYCH W WARSZAWIE
SEASONAL ANOMALIES ON THE CAPITAL MARKETS: JANUARY EFFECT AND JANUARY BAROMETER ON THE WARSAW STOCK EXCHANGE
Author(s): Marta Marianowska, Ewa Szerszyńska, Marek SzymańskiSubject(s): Business Economy / Management, Financial Markets, Public Finances, Socio-Economic Research
Published by: Wydawnictwo Uniwersytetu Łódzkiego
Keywords: capital market; January effect, January barometer; seasonal anomalies; stock exchange rhythm; efficient market analysis; stock exchange analysis;
Summary/Abstract: In the theory of finance efficient market means, that securities reflect all available information. However, on the basis of many analysis and the theory of behavioral finance numerous anomalies have been detected. One of them is the January effect and the barometer effect, which are characterized in this paper. The aim of this paper is to examine whether January effect is present on Polish Warsaw Stock Exchange and whether the rate of return in January can be a good predictor for the rest of the year. In this study authors analyzed literature in the field of seasonal anomalies, in particular the January effect and barometer effect, and examined the occurrence of the January effect and barometer effect on the Polish market. Based on the results, the existence of both was proved only to some extent.
Journal: Journal of Capital Market and Behavioral Finance
- Issue Year: 1/2016
- Issue No: 3
- Page Range: 35-48
- Page Count: 14
- Language: Polish