  The stock segment of China's time-honored brand enterprises has an important
position in our securities stock market. The holiday effect is one of the
market anomalies that occur in the securities market, which refers to the
phenomenon that the stock market has significantly different returns than other
trading days around festivals. The study of the holiday effect of China's
time-honored brand enterprises can provide fresh ideas for the revitalization
of our time-honored brands and the revitalization of time-honored enterprises.
This paper takes listed companies of China's time-honored brand enterprises as
the research object and focuses on the impact of the holiday effect on listed
companies of China's time-honored brands with the help of the event study, and
empirically analyses the changes in the return of listed companies of China
time-honored brands during the Spring Festival period from 2012 to 2021. The
empirical results reveal that: the time-honored brand concept stocks have a
significant post-holiday effect during the Chinese New Year period, the
time-honored alcoholic beverage enterprises are more sensitive to the Chinese
New Year reflection, while the holiday effect of the time-honored
pharmaceutical manufacturing enterprises is not significant.
