Financial Management, Volume 45, Issue 1, pages 3–35, Spring 2016

文化裡的新年假期與股票收益

作者：Kelley Bergsma and Danling Jiang

摘要：通過全球11個主要國際市場數據（這些國家慶祝新年假期不在1月1日）,我們發現股票市場在新年假期期間傾向于産生超額收益。在控制公司特定因素後，相比于這一年中的其他月份，股票市場假期當月獲得的超額收益高達2.5%。進一步的證據表明，積極的假期情緒以及假期之前的資金投入共同激發股價提升。對于一些被個人投資者偏好和交易的股票，這種現象更加明顯。

關鍵詞：新年假期，情緒，個人投資者

Cultural New Year Holidays and Stock Returns around the World

Kelley Bergsma and Danling Jiang

ABSTRACT

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.

keywords: Cultural New Year Holidays, Moods, Individual Investors

原文鍊接：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12094/pdf

翻譯：成祺炯