Puzzles Small firm investment -Seems to change over time. January returns seem to be higher. Monday returns seem lower. The New Issue Puzzle -The Earnings Announcement Puzzle 1717 Puzzles Puzzles ƒ Small firm investment – Seems to change over time. ƒ January returns seem to be higher. ƒ Monday returns seem lower. ƒ The New Issue Puzzle ƒ The Earnings Announcement Puzzle