Download or read book Analysis of Monthly Rates of Return in January and December on the Example of Selected World Stock Exchange Indexes written by Krzysztof Borowski and published by . This book was released on 2015 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The article presents a study of effectiveness of 22 selected stock indices with the use of the rates of return in the months of January and December (so called “January effect” and “turn-of-the-year” effect, respectively). The portfolio replicating the stock index was bought at the close prices on the last session in one month, and sold at the close prices on the last session of the following month. The presence of market inefficiency is demonstrated in the January in case of two indices: BUX and Nasdaq and in December in the following 15 cases: All-Ord, BUX, CAC40, DJIA, DJTA, DJUA, EOE, FTSE100, MEX-IPC, Nasdaq, Nikkei, Russel, SP500, TSE and WIG.