The goal of this study is to search for the January anomaly based on some economic theories and determining factors. By anomaly, we refer to any strange, unusual, or unique occurrence which deviates from established trends or economic principles. These economic theories attempt to explain the equilibrium and disequilibrium in the foreign exchange market. We aim at gauging when the SEK is likely to be misaligned and if an identified anomaly is evidence of a stable and long running phenomenon which an investment strategy could be based on, or whether it is just a short-term unique mispricing which will disappear in the long term. The research questions for this paper include:          What factors account for fluctuations in the Swedish Krona?          Is there evidence of a January effect in the Swedish Krona?   These questions will be evaluated based on the results of our computations on MS excel. Multiple regression analysis will be used to determine the level of significance for the monthly dummy variables. The exchange rates used in this paper include the SEK/€ and the SEK/$.

It is a well-known fact that stocks in many countries exhibit abnormal large returns in January. This so-called ¡¦January effect¡¦ has been documented in a considerable number of papers for different stock markets. A lot of researchers have showed great interests in investigating monthly patterns in stock returns, and the underlying force for generating such phenomenon. Generally, there are two benchmarks to judge whether January effect exist or not. The first distinct feature of the January effect from the financial perspective is its occurrence of time ¡V in January ¡V a time which symbolizes the ending of the previous year and the beginning of a new year. This month also symbolizes the completion of the previous year¡¦s business goals for all the enterprises, including those listed companies. The second is the negative relationship between firm size and stock price returns, i.e., the larger stock price returns are most frequently pronounced in small size firms in January. The purpose of this paper is to use these two benchmarks as the standards to analyze whether the January Effect phenomenon is reflected in the form of traditional Chinese Lunar New Year Effect in Taiwan Stock market, and what are the reasons behind these phenomenon, and what shall the investors respond to such phenomenon.

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"We started the 2011 revolution and the rest of Egypt followed," say Egyptian workers with strong conviction. Egyptian independent workers' continuous claims of contention and repertoires of protest were one of several main factors leading to the January 25, 2011 uprising. After thirty-two years of a Mubarak-led authoritarian regime, massive protests began in January 2011 and forced President Mubarak to step down from his position. The first question of this research endeavor is: how did Egyptian workers challenge the regime and how they became one of the factors leading to the January 2011 uprising? These workers were organized into loose networks of different independent groups that had been protesting for a decade and longer prior to January 2011. However, their regular protests for over a decade before 2011 challenged the authoritarian regime. This dissertation examines the combative role of Egyptian independent workers' formal and informal organizations as a contentious social movement to challenge the regime. It will examine the evolving role of workers as socio-economic actors and then as political actors in political transitions. Social Movement Theory (SMT) and its mechanisms and Social Movement Unionism (SMU) will be the lenses through which this research will be presented. The methodology will be the comparative case studies of two different movements where workers who advocated for their rights for a decade prior to January 2011 experienced significantly differing outcomes. One case study showcases the municipal real estate tax collection workers who were able to establish a successful social movement and then create an independent trade union. The second case study examines an influential group of garment and textile workers, who also developed an effective social movement, yet were not able to take it to the next step to establish an independent union. I will explore within this research a second question: why one group of workers was able to establish an independent union while the other arguably more influential group of workers, the garment and textile workers, was not able to do so. This had an impact on the influence they were able to exercise over the regime in addition to their effectiveness as a social movement for change. / Ph. D.

This research effort will analyze the level of female political participation within the Muslim Brotherhood (MB) before and after the January 25 revolution, and whether it has changed with the transformation of Egypt’s political climate, governing system and ruling elite. An assessment of the level of female participation within the MB and its political party will occur to determine which significant factors - such as governing regime, cultural influences, security issues - have attributed to the magnitude and level of the Muslim Sisters’ political exposure and electoral activities. More specifically, this research aims to ascertain if the Muslim Sisters experience their full rights as citizens under the leadership of the MB, and whether the MB’s willingness to nominate women is a step towards achieving equality or ‘complementarity’ within its ranks, or the process of fielding female candidates is nothing more than a “democratic façade.” Or is the issue more deeply rooted within the Egyptian, and predominantly Muslim, state and society, and its social norms and existing political structures? The historical context of post-colonial politics and the crisis of authoritarian secular politics will be reviewed as well, as it has contributed to the phenomenon of reinventing the rigid influence of tradition and religion.

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This dissertation used the daily Dow Jones Industrial Average (DJIA) for the 1897 through 1928 period to examine the potential existence of any market reactions, which may have resulted from the imposition and expansion of "withholding at the source" and quarterly and estimated tax payments. Providing for a natural laboratory, this period has previously been used to examine and gain insights into tax-loss selling (TLS) as a possible (partial) explanation for year-end changes in stock prices. Drawing from the methodologies and findings from these studies, this period is examined both (1) in its entirety and (2) as partitioned, using two different operational definitions of the pre-/post-tax period. Additional, contemporary period-based analyses were conducted for the 1918 and 1930 through 1994 periods, using both DJIA and Standard & Poor's (S&P) 500 Composite daily indexes, respectively. The focus was on changes in estimated tax payments dates/event windows to determine the contemporary existence of tax-based liquidity effects. Both historical (1897-1928) and contemporary (1930-1989) period evidence is found in support of the existence of a tax payment-based liquidity effect. Evidence developed over the entire period (1897-1994) suggests that this seasonal continues to exist for the April 15 (combined) tax filing and estimated tax payment date. / Ph. D.

一月效應在近五十年來係屬一有趣之議題，但至今仍無學者能對其形成原因提出一較佳之解釋。正因為一月效應發生之時點是在每年的一月份，且每年一月份是公司正辦理上年度的決算，新的年度也是才開始而已，所以從另一個角度而言，無論從公司的角度或從投資者的角度而言，均是在形成當年度預期且驗收去年度成果的主要時點。據此本論文以為，上市公司的「一月效應」與投資者對去年度獲利成果，以及對本年度經營結果的預期有關。 本研究係針對我國上市公司1994年至1999年一月之資料加以分析，根據事件研究法及敘述性統計分析之結果發現我國股市在該段期間內並無正的一月效應、反倒是有負的一月效應現象。這樣的結果與早期多數學者的實證結果相反，但近期學者對我國股市的研究當中，已有部分學者之實證結果認為我國股市並無正的一月效應存在。 另外，本研究亦針對上市公司一月累積異常報酬與未預期盈餘之關聯性進行探討，結果發現不論是第一季未預期盈餘或去年度未預期盈餘，其與一月累積異常報酬間皆呈負相關，但不顯著。之後，又把研究標的由一般性盈餘抽換為持續性盈餘，發現未預期盈餘與累積異常報酬間負向關係更為明顯。最後，再將公司規模大小列入考量，發現小公司確實有較高的累積異常報酬，此與先前多數學者實證的結果相符。然而，規模本身雖可對一月累積異常報酬提供一較佳之解釋，但將規模加入模式後仍無法明顯提昇未預期盈餘對累積異常報酬之解釋能力。 / Over the past fifty years, January Effect has always been an interest topic. However, no conclusive explanations have ever been offered. January is the time for management of corporations and investors to confirm the performance of last year and to form expectations of the coming year. Therefore, it may be reasonable to hypothesize the January Effect is related to the actual profitability of last year and the expected earnings of current year. This study first examine whether Taiwan’s stock market has January Effect. Monthly returns of the sample companies for the period 1994 to 1999 are tested. The result indicated that there is a negative January Effect, which runs contrary to most of the previous research findings. However, recent studies on Taiwan’s stock market have drown more conclusions refuting the hypothesis that Taiwan’s stock market has positive January Effect. This study further examines the relationship between the January cumulative abcdrmal returns of sample companies and the unexpected earnings of the previous year and the first quarter of the current year. Regression model is employed. The result indicates that there is negative, though not significant, relationship. The earnings are then further partitioned into permanent and transitory. A new regression analysis using the permanent unexpected earnings is performed. The result is the same but more significant. When company size using the market value as a proxy is added to the regression model, it shows that small companies tend to have higher cumulative abcdrmal returns. In summary, this study finds no significant relationship between the stock returns in January and the unexpected earnings of the previous year and/or the first quarter of the current year.

The Value investment and Growth investment are investment strategies of choosing stocks. These two methods are adopted by international financial investment institutions and mutual fund managers. The study is aim to learn when we classify value stock and growth stock by market-to-book ratio and price-earning ratio, if the investment return would be higher than TSEC weighted index. In addition, we seek for a better investment strategy to improve investment performance further. The study also looks into market abnormal effects , such as January effect, size effect¡Ketc, and also discuss about the variables of stocks holding period and debt ratio. The monthly and yearly investment return rates are used to calculate 1, 2, 3, 4, and 5 year accumulated abnormal stock return ratio and evaluate if these variables affect investment performance of value stock and growth stock. The results are as following: 1. When classification of market-to-book ratio are adopted, the investment return of value stock is higher than growth stock. 2. When classification of market-to-book ratio are adopted, the investment return of low debt ratio stock is higher than high debt ratio stock. However, when classification of price-earning ratio are adopted, it is not obvious. 3. When bull market is formed in Taiwan stock market whose index is still low, invest in value stock could get a good long term investment performance. 4. Regarding the evaluation of risk, the vibration of growth stock is more than value stock. The vibration of TSEC weighted index is the least. 5. The January effect exists in Taiwan stock market. However, the size effect is not obvious. 6. TSEC weighted index and the Dow Jones Industrial index affect the investment return of value stock and growth stock; the TSEC weighted index, value stock and growth stock are positively correlated. The Dow Jones Industrial Index, value stock and growth stock are negatively correlated.