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The article presents a study of effectiveness of 22 selected stock indices with the use of the rates of return in the months of January and December (so called “January effect” and “turn-of-the-year” effect, respectively). The portfolio replicating the stock index was bought at the close prices on the last session in one month, and sold at the close prices on the last session of the following month. The presence of market inefficiency is demonstrated in the January in case of two indices: BUX and Nasdaq and in December in the following 15 cases: All-Ord, BUX, CAC40, DJIA, DJTA, DJUA, EOE, FTSE100, MEX-IPC, Nasdaq, Nikkei, Russel, SP500, TSE and WIG.

ANALYSIS OF MONTHLY RATES OF RETURN IN JANUARY AND DECEMBER ON THE EXAMPLE OF SELECTED WORLD STOCK EXCHANGE INDEXES