Using data from 11 major international markets that celebrate six cultural New Year holidays that
do not occur on January 1, we find that stock markets tend to outperform in days surrounding a
cultural New Year. After controlling for firm characteristics, an average stock earns 2.5% higher
abnormal returns across all markets in the month of a cultural New Year relative to other months
of the year. Further evidence suggests that positive holiday moods, in conjunction with cash
infusions prior to a cultural New Year, produce elevated stock prices, particularly among those
stocks most preferred and traded by individual investors.
展开
下载论文 
复制链接
新浪微博
微信扫一扫