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Cited by 718

The DOI matches its Crossref record; 14 of the 14 references it cites were found in a registry or an index.

A monthly effect in stock returns

Open access
Ariel, Robert A.·1987·Journal of Financial Economics
DOI 10.1016/0304-405x(87)90066-3
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Abstract

Abstract The mean return for stocks is positive only for days immediately before and during the first half of calendar months, and indistinguishable from zero for days during the last half of the month. This ‘monthly effect’ is independent of other known calendar anomalies such as the January effect documented by others and appears to be caused by a shift in the mean of the distribution of returns from days in the first half of the month relative to days in the last half.

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Metadata

Authors
Ariel, R. A.
Venue
Journal of Financial Economics
Publisher
Elsevier BV
Published
1987-03
Volume
18
Issue
1
Pages
161-174
ISSN
0304-405X (ISSN-L)
DOI
10.1016/0304-405x(87)90066-3
OpenAlex
W1965256629
Cited by
718
References
14
FWCI
32.72
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: A monthly effect in stock returns. https://app.cochat.ai/papers/10.1016/0304-405x(87)90066-3
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Ariel, R. A. (1987). A monthly effect in stock returns. Journal of Financial Economics. https://doi.org/10.1016/0304-405x(87)90066-3

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.