A temporary increase in stock prices during the last few days and the first few days of each month. Some analysts credit the turn of the month effect to distributions from pension funds and other retirement accounts that the pensioners immediately reinvest in the stock market. See also: Calendar effect.
The tendency of stock prices to increase during the last two days and the first three days of each month. Some researchers ascribe the effect to the timing of monthly cash flows received by pension funds and reinvested in the stock market.