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One driver of the wealth of owners of stock corporations is the stock market price. Empirical studies provide statistically significant evidence that stock returns are higher during turns of the month compared to the other trading days of the same month. This “turn-of-the-month effect” (hereafter TOM) is documented by various analyses of American and European stock markets (originally, see Ariel, 1987) and is of interest to the shareholder according to his investment strategies and to the value of his assets due to the price behaviour. The existence of this calendar anomaly is a contradiction to even the weak form of the Efficient Market Hypothesis (EMH) of Fama (1970). The weak form of the EMH states that the market is efficient in processing historical (price) information so that forecasting stock price movements and especially excess returns cannot be obtained using this kind of past information. The purpose of this study is to investigate the existence of this monthly effect in stock returns for the six stock market indexes of France (CAC40), Germany (DAX), Great Britain (FTSE100), Netherlands (AEX), Spain (IBEX) and Italy (MIB30) and their being influenced by the financial crisis. These six countries were selected because they cover about 75 percent of economic strength due to gross domestic product in Europe (International Monetary Fund, 2015). Furthermore, the paper tries to analyse the TOM with particular respect to possible variations of the effect due to financial crisis processes. Previous studies suggest that there have been significant changes in market anomalies since the financial crises processes started in 2007 (on “momentum crashes”, see Daniel and Moskowitz, 2016). Based hereupon, our paper aims to close a research gap within the field of corporate ownership in two ways:  So far, analysis of the relevance of the TOM effect in crisis compared to non-crisis periods is scarce.  Using an evolutionary finance approach, which “uses evolutionary dynamics, such as mutation and selection, to study how trading strategies [...] evolve” (Grootheer, 2006) promises to add valuable insights to research based on more traditional approaches. Data covering 1008 months for the six countries from January 2000 through December 2014 show that the TOM effect is relevant over the whole period in all six markets. Parametric and Abstract

Turn-of-the-month effects in European stock markets before and after the financial crisis – An evolutionary finance perspective