Recent studies have found that the mobile industry increases its contribution into a development of the world’s economy. Setting a fair price for a frequency band reservation becomes an important task for national market regulators. This paper demonstrates that macroeconomic data are key determinants of prices paid for frequency band reservations in auctions organised in

We study factor return seasonalities in international markets. Using up to 143 characteristic-sorted portfolios from 39 countries, we document a pervasive cross-sectional pattern: anomalies with a high average same-calendar month return outperform those with low average returns. The effect persists across individual markets and global samples and cannot be attributed to common risk factors. Neither factor