The January Effect and Aggregate Insider Trading
研究总体内部人交易的季节模式，以区分两种解释一月效应的竞争性假说：一是年初可预测的需求变化，二是对年初与知情交易者交易更高风险的补偿。
This study investigates the seasonal pattern of aggregate insider trading to help distinguish between two competing explanations for the seasonal pattern of security returns. The first potential explanation examined is that the January effect arises from predictable changes in turn-of-the-year demand for securities. The second potential explanation examined is that the January effect represents compensation for the higher risk of trading against informed traders at the turn of the year.