研究表明中国股市具有显著的节日效应,并以中国传统节日的节日效应最大,圣诞节在中国股市的节日效应不显著。通过比较2008年前的并不休市的传统节日和休市的法定节日的节日效应,可以检验一直难以检验的“节日效应是由休市造成的“这一说法,结果表明休市对节日效应影响不大。The research shows that Chinese stock market has notable holiday effect.The traditional holidays have the biggest holiday effect and Christmas does not have obvious holiday effect in Chinese stock market.By comparing the holiday effects of traditional holidays for which the stock market did not break and legal holidays for which the stock market broke before 2008,the bilief that "holiday effect is caused by business breaks" can be tested.The result shows that business breaks do not influence holiday effect significantly
