Aragon, George O.; Dieckmann, Stephan - In: Journal of Empirical Finance 18 (2011) 4, pp. 570-584
We study the relation between daily stock market trading activity and the Dow Jones Industrial Average's (DJIA) movement around millenary milestones--numbers that end in three zeros. We find aggregate turnover to be 5% lower when the DJIA level is less than 1% away from the nearest milestone....