engleski

Monday and January Effects on Croatian, Serbian, and Slovenian Stock Exchanges

The aim of this article is to detect Monday and January effects on stock markets in Croatia, Serbia, and Slovenia. Average daily stock market returns are examined using standard statistical tests. There are no stable and constant signs of January effect in these countries, while there is an indication of the Monday effect in Croatia, and a Tuesday effect in Serbia and Slovenia, which could partly be described as a function of Monday effect in the US stock market. It is argued that the causes of these seasonalities lie mainly in the irrational behaviour of market participants.

Monday effect; January effect; seasonality

CIP – Kataložni zapis o publikaciji Narodna in univerzitetna knjižnica, Ljubljana 339.7(082) 336.71(082) overcoming the crisis : economic and financial developments in Asia and Europe / edited by Štefan Bojnec, Josef C. Brada and Masaaki Kuboniwa. - Koper : University of Primorska Press, 2012 ISBN 978-961-6832-33-5 ISBN 978-961-6832-32-8 (pdf) 1. Bojnec, Štefan 265090816