EconPapers    
Economics at your fingertips  
 

High Stock Returns before Holidays: Existence and Evidence on Possible Causes

Robert A Ariel

Journal of Finance, 1990, vol. 45, issue 5, 1611-26

Abstract: On the trading day prior to holidays, stocks advance with disproportionate frequency and show high mean returns averaging nine to fourteen times the mean return for the remaining days of the year. Over one third of the total return accruing to the market portfolio over the 1963-82 period was earned on the eight trading days that fall before holiday market closings each year. Examination of hourly preholiday stock returns reveals high returns throughout the day. Preholiday stock returns in the posttest 1983-86 period are also examined. Copyright 1990 by American Finance Association.

Date: 1990
References: Add references at CitEc
Citations: View citations in EconPapers (104) Track citations by RSS feed

Downloads: (external link)
http://links.jstor.org/sici?sici=0022-1082%2819901 ... O%3B2-Q&origin=repec full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:jfinan:v:45:y:1990:i:5:p:1611-26

Ordering information: This journal article can be ordered from
http://www.afajof.org/membership/join.asp

Access Statistics for this article

More articles in Journal of Finance from American Finance Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().

 
Page updated 2019-05-14
Handle: RePEc:bla:jfinan:v:45:y:1990:i:5:p:1611-26