Theoretical and Applied Economics
No. 1 / 2024 (638), Spring
Day-of-the-week and weekend effects on stock market returns: an investigation through review of literature
Mizoram University, Aizawl, India
Prof. Bhartendu SINGH
Mizoram University, Aizawl, India
Abstract. The weak-form of market efficiency states that stock price reflects all the historical price data thus abnormal return cannot be earned based on historical price. Many studies observed a pattern in generating returns over the week, where Fridays have been documented as a day providing significantly higher returns while Mondays as a day providing the lowest or negative return. The presence of a such pattern in the return violates the efficient market hypothesis in the weak form which provide a golden opportunity for smart and knowledgeable investors to exploit such a pattern and generate an abnormal return. This paper tries to critically review and synthesize the relevant research in the field of the days of the week and weekend effect by using a systematic literature review approach, from 1973 to 2023. This study concluded that the direction and magnitude of the days-of-the-week and weekend effects, for different stock markets across different periods are not the same, it may be due to different institutional arrangements, and religious and cultural beliefs.
Contents
The unemployment rate and the future of the employment market in Romania The impact of inflation A study on the Romanian post-pandemic economy dominated by uncertainty
The importance of resource efficiency indicators in assessing eco-innovation in the European Union countries
Day-of-the-week and weekend effects on stock market returns: an investigation through review of literature
Redefining wine brand engagement through influencer marketing and ephemeral content
The analysis of the effects of income inequalities on the at-risk-of-poverty rate in the European Union
Financial anxiety and inflation: a burden for informal workers
India’s global trade potential. A panel gravity model approach
Drifting away from market efficiency: the presence of the January effect in the U.S. stock market
Marketing ethics – another business-oriented scheme?
Financial effect of remittances
Twitter sentiments and stock indices returns with reference to nifty energy indices of India
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ESG risk rating disagreement: implications on portfolio performance
The economic efficiency of waste management policies
Microfinance and poverty reduction: an empirical evidence from SAARC nations
Nexus between political federalism, social diversity and human development in India
Shaping the digital labor market in the European Union
Two decades of research on affiliate marketing: a systematic literature review
Impact of final consumption, domestic investment, exports, and imports on economic growth in Albania
Resurgence of informal economy in the US amidst of automation
Ownership type and technical efficiency of banks in Côte d’Ivoire: parametric and non-parametric evidence
Evaluation of the event study in the case of mergers and acquisitions
Impact of the Covid-19 Pandemic on FDIs in Romania: a comparative analysis
Analysis of the evolution of the net investments and constructions carried out in Romania at the end of 2023