The Summer and Winter Vacation Effects on Share Prices and Net Sales An Empirical Study of Different Industries in Taiwan

摘要

This study has two aims. The first attempts to figure out the relationship between share price and particular industries during summer and winter vacations in Taiwan. The second examines the relationship between net sales and particular industries during these vacations in Taiwan. This study uses the monthly return data and quarterly net sales data of the TEJ for the period from 2005 to 2009 for the analysis. The results confirm the existence of summer and winter vacation effect in stock returns and net sales in some industries in Taiwan. However, not all results support the positive summer and winter vacation effect