The January Effect
From the paper:
“Nothing is a sure bet in the world of investing in stocks ? maybe even not death and certainly not taxes, as revelations about Enron have recently reminded us. And it is precisely this high level of insecurity that prompts people ? even against all possible rational reasons ? to look for patterns in the stock market that will help them invest, just as a person desperate to have a winning day at the track will bet on every fifth horse, or every horse wearing green and white, or every jockey whose name begins with K.
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One essential difference between horse-racing and the stock market, however, is that the actions of those ?betting? ? i.e. buying and selling shares ? can have a real effect on the end result.”