The January Effect in the Corporate Bond Market: A Systematic Examination
系统检验了公司债券市场中的一月效应，发现债券收益率和回报均存在显著的一月效应，并分析了其背后的多重因素。
The turn-of-the-year (or January) effect is persuasive and well-documented anomaly in the financial markets. This paper examines this effect in the corporate bond market and documents a strong January effect in both the yield and the returns of corporate bonds. The paper investigates the underlying factors and finds that the January effect is a function of several factors that coincide around the turn of the year.