In the latter study, they increased the study to 108 stock markets and hundreds of years of data and discovered the same anomaly that the November through April period outperformed the May to October period by a significant margin.

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Professor John Last, chief executive of Norwich University College of the Arts, said: "This is a very significant announcement which recognises that 'university' title has to be about quality and not merely size and corrects an anomaly for a specialist institution established in 1845".

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