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						<h1 itemprop="headline">Finance Internal Seminar: Mads Markvart Kjær</h1>
						
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							<p class="text--intro" itemprop="description">Title: End-of-month stock sale</p>
						
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												<h3 class="news-event__info__item__header text--label-header">Time</h3>
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														Thursday 13  November 2025,
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														&nbsp;at 12:15 -  12:45
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													<p class="news-event__info__item__ical-link"><a href="/about-us/news-and-events/single-event-item/artikel/finance-internal-seminar-gyuri-venter?tx_news_pi1%5Bformat%5D=ical&amp;type=9819&amp;cHash=1907a42a64e4a2007f5bc46abe315491">Add to calendar</a></p>
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														<p>Fuglesangs Allé 4, 8210 Aarhus V, Building 2630, Room 101</p>
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														Stefan Hirth and Anders Merrild Posselt
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														<span itemprop="name">Pernille Vorsø Jachobsen</span>
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									<p><strong>Presenter</strong>: <a href="https://econ.au.dk/contact/show/person/mads.markvart@econ.au.dk" target="_self">Mads Markvart Kjær</a>, AU</p>
<p><strong>Title:</strong> End-of-month stock sale</p>
<p><strong>Abstract</strong>: We document a striking calendar pattern in short-horizon return dynamics. The last trading day of the month stands out: the associated reversal is more than twice as strong as on other days over a 21-trading-day horizon. The effect is highly significant, robust to timing assumptions, and not explained by standard factors. The evidence points to institutional rebalancing and shifts demand for liquidity around month-end, which subsequently reverses.</p>
<p><strong>Organizers:</strong>&nbsp;<a href="https://pure.au.dk/portal/en/persons/stefan-hirth(98c9c1ea-8842-4223-8464-b39f80f97813).html" target="_self">Stefan Hirth</a>&nbsp;and&nbsp;<a href="https://pure.au.dk/portal/en/persons/anders-merrild-posselt(4ce94d88-5350-4fc6-a2f7-213183817f21).html" target="_self">Anders Merrild Posselt</a></p>
								
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