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Presidential administrations and the day‐of‐the‐week effect in stock returns
Author(s) -
Liano Kartono,
Liano Kadir,
Manakyan Herman
Publication year - 1999
Publication title -
review of financial economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.347
H-Index - 41
eISSN - 1873-5924
pISSN - 1058-3300
DOI - 10.1016/s1058-3300(99)00008-7
Subject(s) - presidential system , stock (firearms) , democracy , names of the days of the week , day length , day to day , economics , demographic economics , political science , medicine , history , operations management , politics , law , archaeology , linguistics , philosophy , photoperiodism
This study examines the presence of a day‐of‐the‐week effect over different presidential administrations. The results indicate that the day‐of‐the‐week effect prevails during the Democratic and Republican administrations. However, the pattern of the day‐of‐the‐week effect differs between the two presidential administrations. Specifically, the negative returns on Monday are more pronounced during the Republican than during the Democratic administrations. Therefore, explanations for the day‐of‐the‐week effect should take into account the changing pattern of the day‐of‐the‐week effect across presidential administrations.