Impact of the January Effect on Return Rates in the Markets of the 2004 EU Enlargement

Calendar Anomalies, Market Regimes, and the Adaptive Market Hypothesis in African Stock Markets

“…We can see that many studies confirm a significant presence of calendar anomalies in developed and emerging markets. On the other hand, some sub-period studies (Bush and Stephen, 2016;Podgorski, 2018) reveal different behaviors in different sub-periods, while others observe the weakening and disappearing of calendar anomalies in some quarters. Overall, the evidence is mixed.…”

The “Magic Action” of Stock Splits: Evidence from the Warsaw Stock Exchange 2003–2017

“…Despite Poland's classification as a mature market, we selected this index because, for the vast majority of the analyzed period, the Polish market was treated as an advance emerging economy (FTSE Rusell 2017). The last research about the WSE shows that it is resistant to basic anomalies in the shaping of market income rates (Podgórski, 2018a;Podgórski, 2018b). The length of the estimation window is 250 days, which is the approximation of the financial year.…”

Effect of Bank Levy Introduction on Bank Risk-Taking

“…We refer to unconsolidated nancial statements for all estimations because we argue the BL effect should be more evident in unconsolidated than consolidated statements, as conglomerate nancial institutions might make some adjustments and shift activities among their entities to decrease the tax burden (Dıáz, Olalla, & Azofra, 2004). Moreover, we are aware of other regulatory changes that occurred during the analyzed period and anomalies in the nancial markets (Podgórski, 2018). Therefore, we also modify the standard errors in all regressions to be clustered at the institution level.…”