Portuguese Stock Market Reveals Profitable Calendar Anomalies, Challenging Market Efficiency
The study looked for patterns in the Portuguese stock market and found some interesting trends. They didn't find any patterns related to weekdays or January, but they did discover two significant anomalies. One is the Pre-holiday effect, where returns are much higher the day before a holiday. The other is the Turn-of-the-month effect, where returns are higher at the beginning of each month. These findings suggest that the market may not always be efficient.