what is the Calendar effect in China Stock Market

the Calendar effect in China Stock Market change over time. market participants seemed to be able to learn from past experience in that
they used trading strategies to exploit the calendar anomalies. Due to these
trading activities, the pattern changed over time. It is striking that the day-of-the-week effect follows a different pattern
compared to other market, as Mondays are considerably weak and Fridays
show significantly positive average returns. . A possible explanation for this phenomenon might be
that Chinese "amateur speculators" engage in short term lending before
the weekend and invest on the stock exchange. After these trades, the
funds are paid back. This explanation is somehow a guess but it fits to
our empirical findings and such speculations the effect is shifted to the Chinese year-end in February. Hence,
the February plays the same role as the December for US or European
investors. After the year-end, namely in March and April, average returns are by far higher compared to other months. weekly pattern that
considerable profits can be made shortly before the weekend starts. Corre-
spondently, the Chinese stock market reaches its peaks shortly before the
money is withdrawn, namely on Fridays. Considering the monthly effects,
one has to argue that it is likely that the money is withdrawn close to
the Chinese year-end in February and afterwards additional money flows
into the market. This could justify the observed monthly pattern show-
ing higher returns in spring compared to the month before the Chinese
year-end.