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A new look at the meeting clustering effect

Ángel Pardo (Financial Economics, Faculty of Economics, University of Valencia, Valencia, Spain)
Eddie Santandreu (Department of Reserving, VidaCaixa, S.A.U. de Seguros y Reaseguros, Barcelona, Spain)

Review of Behavioral Finance

ISSN: 1940-5979

Article publication date: 12 November 2021

Issue publication date: 14 March 2023




The study aims to test the existence of a meeting clustering effect in the Spanish Stock Exchange (SSE).


This paper studies the relationship between the clustering of annual general meetings and stock returns in the SSE. A multivariate analysis is carried out in order to analyse the relationship between monthly returns and the clustering of general meetings in the SSE.


The authors show that meeting clustering exists and that some months exhibit significant and positive additional returns related to the holding of ordinary or extraordinary general meetings.

Research limitations/implications

The authors have explored some possible explanations for the meeting clustering effect, such as a potential link with the “Halloween” effect or the presence of higher-than-normal levels of volatility, trading volumes or investor attention. However, none of these can explain the meeting clustering effect that emerges as a new anomaly in the SSE.

Practical implications

The authors have documented significant and positive abnormal returns in some months that coincide with the holding of general meetings. Therefore, the holding of ordinary and/or extraordinary meetings in some months involves the release of relevant information for investors.


This study complements the financial literature because it is focused on the clustering of meetings and its effect on a stock market whose legal order is based on civil law. This fact allows us to shed new light on meeting clustering and its effect on other types of markets.



The authors would like to thank the helpful comments received from Oscar Carchano, Ana María Ibáñez, and Hipòlit Torró. They also thank Neil Larsen for his linguistic support.

Funding: The authors are grateful for the financial support of the Spanish Ministry of Science, Innovation and Universities (Grant PGC2018-093645-B-I00 funded by MCIN/AEI/10.13039/501100011033 and by “ERDF A way of making Europe”).


Pardo, Á. and Santandreu, E. (2023), "A new look at the meeting clustering effect", Review of Behavioral Finance, Vol. 15 No. 2, pp. 162-175.



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