Calendar effect

In statistics in general and in financial market statistics in particular, distortions of the numerically represented transactions due to the fact that – months are of different lengths and – public holidays sometimes occur directly or indirectly in series with weekends, interspersed with a working day (so-called bridge day or [in Austria] window day; bridge day: a non-working day to fill the gap between a holiday Thursday or Tuesday and the weekend; such bridge days are fairly common, even if they are not officially recognized). – Empirically observable exceptional circumstances on certain days (year-end exchange; exchange on year-end) or months (January effect) in financial markets. – See issuance calendar, Friday-13 anomaly, Halloween rule, January effect, Monday effect, sell-in-May effect, Christmas bounce, weekend effect. – Cf. ECB Monthly Bulletin of August 2006, pp. 49 et seq. (detailed presentation with overviews), Deutsche Bundesbank Monthly Bulletin of December 2012, pp. 53 et seq. (exhaustive, textbook presentation in the sense of ; detailed description also with regard to individual sectors), ECB Monthly Bulletin of May 2014, pp. 49 et seq. (calendar effects in the measurement of inflation).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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