Abstract: In this paper,we intend to find evidence if opened-fund returns are abnormally inflated in the last trading day.Firstly,dummy variables are introduced in the regression to analyze the calendar effect of specific trading days.We also discuss the returns change among groups of the different historic performance and among the 10 trading days around the calendar end.We find that returns of trading days at month-end are higher than those of common days.Furthermore,we prove that the returns show a changing trend in the 10 trading days around month-end and quarter-end,enlarged from a rather low level and decreased from a summit.Some possible explanations are given out for the empirical findings.

Key words: calendar effect, equity fund, returns inflation