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NEW YEAR, NEW BET: Research by KU business school professors shows that reports of the demise of the "January effect" may have been exaggerated.

An article in Business Week states Mark Haug and Mark Hirschey examined data dating back to 1802 to determine if the conventional wisdom that stocks typically go up in January is no longer true. Their paper, which will be published in an upcoming issue of Financial Analysts Journal, shows large-cap stocks averaged about a half-percentage point increased performance in January, while small-cap stocks averaged a gain of 6.1 percent in January, as opposed to 0.9 percent in the other 11 months.

Hirschey was also quoted as saying small-caps went up in January, 82 percent of the time.