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dc.contributor.authorLiu, Benjamin
dc.contributor.authorLi, Bin
dc.date.accessioned2017-05-03T15:49:19Z
dc.date.available2017-05-03T15:49:19Z
dc.date.issued2011
dc.date.modified2012-06-26T22:39:12Z
dc.identifier.issn15486583
dc.identifier.urihttp://hdl.handle.net/10072/40910
dc.description.abstractWe studied monthly seasonality in the top 50 Australian stocks across different industry sectors. Unlike other Australian studies, we examined monthly seasonality using stock return data of individual companies for the period of January 1980 through to August 2010. We found that stock returns of over half of the 50 companies are significantly positive in April and December, and most companies have low stock returns in October. Seven companies have higher returns in April than in other months of the year, most of which are banking and financial services companies, while six companies have lower returns in February than in other months. Although Australia has a July-June taxation cycle, we found that only three stocks have a July anomaly. The findings are inconsistent with the tax-loss selling hypothesis and other studies on the Australian equity markets (e.g., Brown, Keim, Kleidon, & Marsh, 1983; Brailsford & Easton, 1991). However, our findings are generally consistent with Bonin and Moses (1974) on individual stock seasonality.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.format.extent186297 bytes
dc.format.mimetypeapplication/pdf
dc.languageEnglish
dc.language.isoeng
dc.publisherDavid Publishing
dc.publisher.placeUnited States
dc.publisher.urihttp://www.davidpublishing.com/davidpublishing/journals/J2/acc2011/accountant2011/414.html
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom380
dc.relation.ispartofpageto390
dc.relation.ispartofissue4
dc.relation.ispartofjournalJournal of Modern Accounting and Auditing
dc.relation.ispartofvolume7
dc.rights.retentionY
dc.subject.fieldofresearchFinance
dc.subject.fieldofresearchAccounting, Auditing and Accountability
dc.subject.fieldofresearchBusiness and Management
dc.subject.fieldofresearchcode150201
dc.subject.fieldofresearchcode1501
dc.subject.fieldofresearchcode1503
dc.titleMonthly seasonality in the top 50 Australian stocks
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.rights.copyright© 2011 David Publishing. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
gro.date.issued2011
gro.hasfulltextFull Text
gro.griffith.authorLiu, Benjamin
gro.griffith.authorLi, Bin


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