Associate Dean (Specialised Masters Programmes) of the SMU Lee Kong Chian School of Business and Professor of Finance (Education) Benedict Koh said in a Sunday Times article last year that there was a "lack of evidence of the January effect in the last 24 years". He was among academics who said that, in recent years, there has been less evidence of the actual, classic Capricorn effect – the belief that the market tends to rise between Jan 1 and Jan 31.