Day-of-the-week Effect: Further Empirical Evidence

Choudhary, Kapil; Choudhary, Sakshi

doi:10.1177/097324700800400307

Cited by 13 publications

(7 citation statements)

References 27 publications

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“…Since Monday is regarded as the beginning of the working week, most investors consider it as the worse day and feel pessimistic whereas they are optimistic about Friday because it is the end of the working week. Choudhary and Choudhary (2008) studied 20 stock markets of the world using parametric as well as non-parametric tests. They reported that out of 20, 18 markets showed significant positive return on various days other than Monday.…”

Section: Ajems 72mentioning

confidence: 99%

Time your investment on the Ghana Stock Exchange (GSE)

Mensah

Bokpin

Owusu-Antwi

2016

African Journal of Economic and Management Studies

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Purpose – The purpose of this paper is to investigate the day of the week effect on the Ghana Stock Exchange (GSE) by using the GSE all-share index from November 1990 to August 2012. The presence of the day of the week effect has been reported on several markets. Design/methodology/approach – The study utilizes one-sample t-test, dummy variable regression, autoregressive and generalized autoregressive conditional heteroskedastic models to investigate whether day of the week effect exist on the GSE. Findings – The study reveals the presence of day of the week effect on the GSE, specifically, highest returns on Tuesday and lowest on Thursday. Monday, Wednesday and Friday also record significant positive returns, however, the significance returns is captured by a strong auto-regression in the returns. Therefore, investors may not have the opportunity to increase their returns by timing their investments. Further, the significance of the anomalies is not robust across time since different sub periods with different trading days per week shows different results. Originality/value – The study provides additional evidence on the day of the week effect by using utilizing frontier market data.

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Section: Ajems 72mentioning

confidence: 99%

Time your investment on the Ghana Stock Exchange (GSE)

Mensah

Bokpin

Owusu-Antwi

2016

African Journal of Economic and Management Studies

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“…Market anomalies include, amongst others, the day-of-the-week effect (also known as the weekend effect, Monday effect, or intraday effect), the January effect, the turn-of-the-month effect, the weather effect, and the small firm effect. The day-of-the-week effect has been extensively investigated by researchers in various countries, including Alagidede (2008), Berument and Dogan (2012), Brusa and Liu (2004), Choudhary and Choudhary (2008), Chukwuogor (2007), Darrat et al (2013), Dicle and Levendis (2014), Hsieh and Chen (2012), Jefferis and Smith (2005), Kalidas et al (2013), Latif et al (2011), Mbululu and Chipeta (2012), Ndako (2013), Plimsoll et al (2013), Rowjee (2014b), Smirlock and Starks (1986), Ulussever et al (2011).…”

Section: Introductionmentioning

confidence: 99%

The day-of-the-week effect: South African stock market indices

Toit

Hall

Pradhan

2018

AJEMS

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Purpose The presence of a day-of-the-week effect has been investigated by many researchers over many years, using a variety of financial data and methods. However, differences in methodology between studies could have led to conflicting results. The purpose of this paper is to expand on an existing study to observe whether an analysis of the same data set with some added years and using a different statistical technique provide the same results. Design/methodology/approach The study examines the presence of a day-of-the-week effect on the Johannesburg Stock Exchange (JSE) indices for the period March 1995-2016, using a GARCH model. Findings The findings show that, contrary to the original study, the day-of-the week effect is present in both volatility and return equations. The highest and lowest returns are observed on Monday and Friday, respectively, while volatility is observed on all five days from Monday to Friday. Originality/value This study adds to the existing literature on day-of-the-week effect of JSE indices, where different patterns or, in some cases, no pattern have been noted. Few previous studies on the day-of-the-week effect observed the effect at micro-level for separate industries or made use of a GARCH model. The present study thus expands on the study of Mbululu and Chipeta (2012), by adding four additional observation years and using a different statistical technique, to observe differences that arise from a different time period and statistical technique. The results indicate that a day-of-the-week effect is mostly a function of the statistical technique applied.

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“…In spite of the known evidence regarding the beneficial effects of Bhasmas, i.e., better healing and potency [ 8 ], many details regarding the interactions of Bhasmas with biological systems are still not known. Now, concerns that traditional medicines need to be examined along the lines of modern pharmaceutical products have been raised [ 9 ]. Therefore, if the promising clinical benefits associated with Bhasmas are to be understood, information about their chemical constituents and structures are necessary.…”

Section: Introductionmentioning

confidence: 99%

Preparation and Characterization of Suvarna Bhasma Parada Marit

Thakur¹,

Gudi²,

Vahalia³

et al. 2017

J. Pharmacopunct

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Objectives:The goal of this study was to characterize Suvarna Bhasma Parada Marit by using the Ayurvedic test parameters, physico-chemical tests, and various instrumentation techniques.Methods:Suvarna Bhasma, an Ayurvedic formulation manufactured as per Bharat Bhaishajya Ratnakar 5/8357 (BBR), has been studied using various instrumentation techniques: X-ray diffraction (XRD), scanning electron microscopy (SEM), energy dispersive X-ray analysis (EDAX), laser particle size distribution (PSD) analysis, fourier transform infrared spectroscopy (FT-IR), and atomic absorption spectroscopy (AAS), and physico-chemical parameters, such as the loss on drying (LOD), loss on ignition (LOI), and acid insoluble Ash (AIA) were determined. In addition, Ayurvedic tests, such as Rekhapurnatva (enterable in the furrows of the fingers), Varitaratwa (floatable over water), Nirdhoomta (smokeless), Dantagre Kach-Kach (gritty particle feeling between the teeth), were performed.Results:The XRD study showed Suvarna Bhasma to be crystalline in nature and to contain more than 98% gold. The mean size of the gold crystallites was less than 10 microns, and the morphology was globular and irregular. Suvarna Bhasma contains gold as its single and major element, with EDAX and FT-IR spectra showing that it is more than 98% pure gold. The moisture content (LOD) is less than 0.5%, the LOI is less than 2%, and the AIA is not less than 95%. The Ayurvedic tests, as specified above, helped to confirm the quality of Suvarna bhasma prepared as per the text reference (BBR).Conclusion:This chemical characterization of Suvarna Bhasma performed in this study by using modern instrumentation techniques will be helpful in understanding its pharmacological actions and will help in establishing quality protocols and specifications to substantiate the safety, efficacy & quality of Suvarna Bhasma.

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Day-of-the-week Effect: Further Empirical Evidence

Cited by 13 publications

References 27 publications

Time your investment on the Ghana Stock Exchange (GSE)

Time your investment on the Ghana Stock Exchange (GSE)

The day-of-the-week effect: South African stock market indices

Preparation and Characterization of Suvarna Bhasma Parada Marit

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