Abstrakt

This work examines the consequences of the January Effect on the world advanced emerging markets such as the Johannesburg Stock Exchange. The status of the advancement of South Africa has changed significantly during the analysed period. The examination is based on past research conclusions, empirical studies and the calculations of stock returns over the period of the last twenty years. The evidences gathered in this study examine the seasonality effect, measuring mainly the well-known January Effect using various statistical analysis tools. The results support or deny the existence of a calendar anomaly marked by excessive returns on the market at the beginning of a year. The existence of these anomalies on financial markets often delivers contradictory results for many developed or developing countries. Nowadays, many research papers reflect the lack of analysis of this seasonality on the world advanced emerging markets such as the Johannesburg Stock Exchange.

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