Stock returns on Bucharest Stock Exchange during the second half of December

  • Ramona Dumitriu "Dunarea de Jos" University of Galati
  • Razvan Stefanescu "Dunarea de Jos" University of Galati
Keywords: Calendar anomalies; second half of December; Romanian capital market


Several circumstances could influence the returns’ behavior on Romanian capital market during the second half of December: the schedules of some payments, announcements about the macroeconomic situation or about the performances of companies, the practices of tax-loss selling and window dressing or the impact of two important public holidays: Christmas and New Year’s Eve. This paper investigates the returns of eight indexes from Bucharest Stock Exchange in the period January 2017 – August 2023. Only one of these indexes displayed abnormal low returns during the second half of December. Instead, we found abnormal low returns for seven indexes during the third quarter of December and abnormal high returns for four indexes during the fourth quarter of the same month.


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How to Cite
Dumitriu, R., & Stefanescu, R. (2023). Stock returns on Bucharest Stock Exchange during the second half of December. Vanguard Scientific Instruments in Management, 19, 42-49. Retrieved from[]=510