Should Individual Investors Avoid the Stock Market Outside of January?
DOI:
https://doi.org/10.1016/1057-0810(91)90027-VAbstract
Recent studies suggest that there is no rewardfor bearing risk outside of January, implying that individuals should invest in common stocks only in January. The purpose of this study is to demonstrate that this conclusion isfar too strong given existing empirical evidence. Our results suggest that inferences drawnffom the evidence can be altered greatly through small changes in the way the empirical question is addressed. There is suficient evidence to doubt the conclusion that individuals are not compensated for the risk of participating in the stock market outside of January.
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