He was a lean tobacco-chewing New Englander, the one daring spirit in his family that had heard and answered the call of the West shouting through the Mount Desert back odd-lots
. "Got to," Joe Hines added apologetically.
Dyl and Maberly (1992) observe different behavior of individual investors in purchases and sales of odd-lots on the NYSE prior to the Christmas and New Years Day holidays but did not investigate investor behavior around other holidays.
Technical indicators of individual investor behavior using odd-lot short selling have been widely studied.
Daily odd-lot short selling is examined for the period 1970 through 1995 using a generalized autoregressive conditional heteroscedatic (GARCH) model.
Neither the day of the week effect nor the turn of the year effect were statistically significant, and odd-lot short sales were not related to the previous day's price change.
Technical trading rules based upon odd-lot short sales assume that the trades are being done by unsophisticated individual investors.
Today odd-lot sales are just as likely to be made by professional traders as by individuals.
The empirical results from this study indicate that odd-lot short sales follow such a model.
Lakonishok and Maberly find that the ratio of odd-lot sales minus odd-lot purchases divided by New York Stock Exchange (NYSE) trading volume was highest on Mondays indicating that individual investors sell more shares on Monday than on any other day of the week and therefore appear to have more influence on the market on Mondays.
They observe that the ratio of odd-lot sales to odd-lot purchases is dramatically higher at the close of the year relative to the beginning of the subsequent year.
To ensure investors the full benefits of the tributary issue's liquidity, the market makers will also quote a 10 pfennig bid-offer spread in odd-lots
after its redenomination in Euro, up to the end of 1999.