Premium
Weekend gold returns in bull and bear markets
Author(s) -
Blose Laurence E.,
Gondhalekar Vijay
Publication year - 2013
Publication title -
accounting and finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.645
H-Index - 49
eISSN - 1467-629X
pISSN - 0810-5391
DOI - 10.1111/j.1467-629x.2012.00497.x
Subject(s) - skewness , economics , gold as an investment , weekend effect , excess return , rest (music) , monetary economics , financial economics , business , demographic economics , econometrics , geography , medicine , emergency medicine , context (archaeology) , archaeology , cardiology
This study examines the weekend effect in gold returns during bull and bear markets over the period 1975 through 2011. It shows that gold returns from close on Friday to close on Monday are significantly lower than returns during the rest of the week. This result is due largely to gold returns during bear markets. During gold bull markets, gold weekend returns are not significantly different from weekday returns. The study shows that the effect has substantial economic implications for gold investors. The effect is shown to be related to a significantly negative skewness in the weekend returns.