Transactions on the stock exchange on the last trading day of the year, usually on the morning of December 31 (New Year’s Eve). Experience shows that on this day there are conspicuous price jumps for various reasons (accounting policy, tax motives; aims of accounting or tax payment policy). The Trading Surveillance Office of the respective stock exchange as well as the supervisory authorities have paid increased attention to this phenomenon in recent years. – See calendar effect, end-of-year factoring, Christmas revival. – Cf. BaFin Annual Report 2009, p. 186 (suspicion of market manipulation).
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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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