Efekt barometru stycznia w funduszach inwestycyjnych akcji jako przykład anomalii sezonowych na rynkach kapitałowych
Other January Effect in Stock Mutual Funds as an Example of Seasonal Anomalies in the Capital Markets

Summary/Abstract: Purpose – The article presents the other January effect. The purpose of the article was to accept or reject the hypothesis about the occurrence of the other January effect, based on the rates of return from the mutual funds in 2003–2017. Methodology/approach – The study uses the monthly rates of return of mutual funds. Accumulated rates of return have been determined. The linear regression model was also used, and the results were tested for two variances without repetition. Findings – Differences in the rates of return have been demonstrated the presence of the other January effect in 10 out of the 15 cases studied. However, the results are statistically insignificant, and the linear regression model is poorly suited to reality, which may indicate the low usefulness of the model for building effective investment strategies based on the other January effect. Originality/value – The study was conduct based on rates of return from mutual funds. Earlier research carried out in Poland did not indicate unequivocal results, and stock market indices and focused on individual companies and raw materials.

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