Odd-Lot Transactions around the Turn of the Year and the January Effect
研究个人投资者主导的零股交易在年末年初的模式，发现其与股票回报的一月效应相关，支持一月效应源于个人投资者交易的假说。
Assuming that individual investors account for most odd-lot transactions, we examine oddlot purchases and sales around the turn of the year and find a pattern that is related to the well-known January effect in stock returns. A significant change in the ratio of odd-lot sales to odd-lot purchases occurs at the turn of the year, which supports the hypothesis that the January effect results from trading by individual investors. The trading patterns that we find are not due entirely to tax considerations.