The fact that experience shows that stocks are weaker between the beginning of May and the end of September than between October and April. Financial market theory tries to explain this with the lower news flow and the lack of dividend forecasts within these months. For rational investors, however, the time of year is not likely to matter, since the fundamentals have hardly changed. – See behavioral finance, financial mathematics, financial psychology, January effect, Halloween rule, Monday effect, model uncertainty, Friday, black, sentiment, small cap effect, carryover effect, psychological, foreshadow effects, Christmas animation.
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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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