One Explanation of the "Year-End" ("Turn-Of-The-Year" or "January")effect Has to Do

Essay

One explanation of the "year-end" ("turn-of-the-year" or "January")effect has to do with sales and purchases related to the tax year.
a. Present the "tax-effect" hypothesis.
b. Studies have shown that the January effect occurs internationally, even in countries where the tax year does not start in January. Speculate on a good reason for this.