
Seasonally Anomalous or Not? Tests of Seasonalities
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in January. The information hypothesis is probably not appropriate as an
explanation for the low January returns on China’s stock markets, because
information used not to disseminate in January in China.
However, the information hypothesis is consistent with the high positive August
returns on China’s stock markets. In terms of the legislation of China Securities
Regulatory Commission (CSRC), listed companies should publish the interim
report before the end of August. As a general regulation for saving advertising
expense, the news related ...