This paper reports evidence that the standard deviation of stock returns exhibits seasonal patterns. The seasonal patterns are considerably different between portfolios of different market value of equity stocks. January and August are the two most volatile months for the small decile portfolio...

Cover -- Behavioral Finance -- Copyright -- Contents -- Preface -- Who Are the Authors? -- Why Did We Write This Book? -- What Is the Book About? -- Whom Do We Want to Thank? -- 1. Foundations and Psychological Concepts -- What Is Behavioral Finance? -- Why Is Behavioral Finance Important to...