Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

If You Use a Screen Reader

This content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.

Odd-Lot Transactions around the Turn of the Year and the January Effect

Edward A. Dyl and Edwin D. Maberly
The Journal of Financial and Quantitative Analysis
Vol. 27, No. 4 (Dec., 1992), pp. 591-604
DOI: 10.2307/2331142
Stable URL: http://www.jstor.org/stable/2331142
Page Count: 14
  • Read Online (Free)
  • Download ($34.00)
  • Subscribe ($19.50)
  • Cite this Item
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Odd-Lot Transactions around the Turn of the Year and the January Effect
Preview not available

Abstract

Assuming that individual investors account for most odd-lot transactions, we examine odd-lot purchases and sales around the turn of the year and find a pattern that is related to the well-known January effect in stock returns. A significant change in the ratio of odd-lot sales to odd-lot purchases occurs at the turn of the year, which supports the hypothesis that the January effect results from trading by individual investors. The trading patterns that we find are not due entirely to tax considerations.

Page Thumbnails

  • Thumbnail: Page 
591
    591
  • Thumbnail: Page 
592
    592
  • Thumbnail: Page 
593
    593
  • Thumbnail: Page 
594
    594
  • Thumbnail: Page 
595
    595
  • Thumbnail: Page 
596
    596
  • Thumbnail: Page 
597
    597
  • Thumbnail: Page 
598
    598
  • Thumbnail: Page 
599
    599
  • Thumbnail: Page 
600
    600
  • Thumbnail: Page 
601
    601
  • Thumbnail: Page 
602
    602
  • Thumbnail: Page 
603
    603
  • Thumbnail: Page 
604
    604