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Clustering of shareholder annual meetings: a 'new anomaly' in stock returns

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  • Weishen Wang
  • Frank Hefner

Abstract

The study documents the clustering of annual general meetings (AGMs) in the months of March, April and May and shows that this clustering of AGMs in dates is positively related to average monthly stock returns in these months. The study not only documents a 'new anomaly' in the stock market in the recent two decades, but also provides explanations why it is so. The study shows that an economic event is behind the regularity in stock returns.

Suggested Citation

  • Weishen Wang & Frank Hefner, 2014. "Clustering of shareholder annual meetings: a 'new anomaly' in stock returns," Applied Financial Economics, Taylor & Francis Journals, vol. 24(16), pages 1103-1110, August.
    • Handle: RePEc:taf:apfiec:v:24:y:2014:i:16:p:1103-1110
    DOI: 10.1080/09603107.2014.924295
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    Cited by:

    1. Abdul Rashid & Saba Kausar, 2019. "Testing the Monthly Calendar Anomaly of Stock Returns in Pakistan: A Stochastic Dominance Approach," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 58(1), pages 83-104.

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