Romanian stock market seasonality shifts dramatically post-European Union accession.
The study looked at how stock prices in Romania changed depending on the month of the year before and after joining the European Union. They found that there were noticeable differences in stock market behavior between the calm period before 2007 and the turbulent period after. By using a GARCH model, they discovered that the effects of the month of the year on stock prices and market volatility changed significantly during these two time periods.