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El efecto maquillaje de la instituciones de inversión colectiva la legislación fiscal y la estacionalidad del mercado de valores

Author

Listed:
  • Begoña Basarrate

    (Departamento de Hacienda Pública. Universidad del País Vasco)

  • Gonzalo Rubio

    (Departamento de Fundamentos del Análisis Económico Universidad del País Vasco)

Abstract

This work analyzes the stock market january seasonality throughout the selling and purchasing behavior of mutual funds. In particular, window dressing is considered as an explanation of the january seasonal. It is argued that selling losers and purchasing winners may be used in order to impact the net asset value of mutual funds. Our empirical evidence suggests that funds do not follow window dressing strategies. On the contrary, they tend to pursue contrarian investement strategies. Tax-induced trading continues to be the main reason behind the january seasonal in the Spanish capital market.

Suggested Citation

  • Begoña Basarrate & Gonzalo Rubio, 1994. "El efecto maquillaje de la instituciones de inversión colectiva la legislación fiscal y la estacionalidad del mercado de valores," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 29(02), pages 36-51.
    • Handle: RePEc:ekz:ekonoz:1994202
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    More about this item

    Keywords

    Estacionalidad; mercado bursátil; política fiscal;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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