Section A (1 Mark)The small-firm-in-January effect refers to the phenomenon that portfolios of small-firm stocks...

Vendor: AAFM
Product: CWM_LEVEL_2
Update on: Jul 30, 2025
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AAFM CWM_LEVEL_2 Question Answer

Section A (1 Mark)

The small-firm-in-January effect refers to the phenomenon that portfolios of small-firm stocks (compared to portfolios of large-firm stocks) have:

A tendency to underperform the stock market.

High returns in December and January.

Abnormal positive returns, primarily in January.

Returns in January that are positively correlated with returns in December

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