All kinds of abnormalities are concerned on stock market in the foreign financial documents these years, such as January effect, disposition effect, momentum effect, herd behavior.

近年来，国外财务学界的研究文献大量地关注证券市场的各种异常，如一月效应、处置效应、动量效应、羊群行为等等。

January effect, a kind of usual phenomenon to statistically analyze the stock market movements, refers to the rate of return in January is often "positive" and is higher than that in other months.

一月效应是从统计学角度分析股市走势的一种惯常现象，指一月份的回报率往往是“正数”，而且会比其他月份为高；相反，十二月的股市回报率很多时候会呈现负值。

After Lincoln issued the Emancipation Proclamation that took effect on January 1, 1863, it became clear that northern victory would mean the end of slavery.

林肯发表了于1863年生效的《解放宣言》后，人们清楚地看到北方的胜利将意味着奴隶制的结束。