El efecto maquillaje de la instituciones de inversión colectiva la legislación fiscal y la estacionalidad del mercado de valores

Begoña Basarrate and Gonzalo Rubio
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Begoña Basarrate: Departamento de Hacienda Pública. Universidad del País Vasco
Gonzalo Rubio: Departamento de Fundamentos del Análisis Económico Universidad del País Vasco

EKONOMIAZ. Revista vasca de Economía, 1994, vol. 29, issue 02, 36-51

Abstract: This work analyzes the stock market january seasonality throughout the selling and purchasing behavior of mutual funds. In particular, window dressing is considered as an explanation of the january seasonal. It is argued that selling losers and purchasing winners may be used in order to impact the net asset value of mutual funds. Our empirical evidence suggests that funds do not follow window dressing strategies. On the contrary, they tend to pursue contrarian investement strategies. Tax-induced trading continues to be the main reason behind the january seasonal in the Spanish capital market.

Keywords: Estacionalidad; mercado bursátil; política fiscal (search for similar items in EconPapers)
JEL-codes: G10 G12 G14 (search for similar items in EconPapers)
Date: 1994
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