A Reexamination of Institutions and Individuals at the Turn of the Year

Authors

Ken Johnston, Georgia Southern UniversityFollow
Don R. Cox, Appalachian State UniversityFollow
Anthony G. Barilla, Georgia Southern UniversityFollow

Document Type

Article

Publication Date

Fall 2000

Publication Title

Quarterly Journal of Business and Economics

ISSN

2327-8242

Abstract

This study reexamines the findings ofSias and Starks (1997). They evaluate the tax-loss selling hypothesis and the window dressing hypothesis as explanations for the turn-of-the-year effect. After controlling for market capitalization, they find that stocks with a greater percentage of individual ownership outperform stocks with a greater percentage of institutional ownership at the turn of the year, consistent with the tax-loss selling explanation. This study reexamines the issue, adjusting for risk and controlling more closely for share price differences, and finds results that support neither hypothesis.

Recommended Citation

Johnston, Ken, Don R. Cox, Anthony G. Barilla. 2000. "A Reexamination of Institutions and Individuals at the Turn of the Year." Quarterly Journal of Business and Economics, 39 (4): 51-59: Creighton University.
https://digitalcommons.georgiasouthern.edu/economics-facpubs/33