Stock prices in emerging markets show a pattern where they tend to have higher returns at the beginning of the month and around the middle of the month. A study looked at stock markets in Argentina, Brazil, China, India, Indonesia, Malaysia, Mexico, Russia, and Taiwan from 1997 to 2014. They found that India, Indonesia, Russia, and Taiwan had higher returns in the first half of the month, indicating a semi-monthly effect. Additionally, the days around the middle of the month had higher returns compared to other days in most markets, showing a turn-of-the-month effect.