Please use this identifier to cite or link to this item:
https://www.um.edu.mt/library/oar/handle/123456789/102934
Title: | Investigating the weekend anomaly and its implications : evidence from international financial markets |
Authors: | Enow, Samuel Tabot |
Keywords: | Economics, Mathematical Capital market Investments -- Psychological aspects |
Issue Date: | 2022-10 |
Publisher: | Ahmet Gökgöz |
Citation: | Enow, S. T. (2022). Investigating the weekend anomaly and its implications : evidence from international financial markets. Journal of Accounting, Finance and Auditing Studies, 8(4), 322-333. |
Abstract: | PURPOSE: As contended in prior literature, the weekend anomaly is
the tendency for financial markets or security prices to be lower on
Mondays than on previous Fridays. The aim of this study was to
empirically investigate the weekend anomaly in seven international
financial markets namely; NASDAQ Index, CAC 40 Index, DAX Index,
JPX-Nikkei Index 400, SSE Index, BIST and JSE Index. METHODOLOGY: This study made use of the F- statistics test for the most recent 5 years August 22, 2017 to August 22, 2022. FINDINGS: Contrary to the findings in the literature, there is no evidence to support the weekend anomaly. This was evident in the pvalues for the F-statistics test in all the financial markets under consideration to be statistically insignificant. ORIGINALITY/VALUE: Although this concept may have existed, it is no longer applicable hence traders and market participants should avoid regular or pure arbitrage strategy as it may result in significant losses. As per the author’s knowledge, this study is the first to empirically investigate the weekend anomaly in seven international markets using the most recent data. |
URI: | https://www.um.edu.mt/library/oar/handle/123456789/102934 |
Appears in Collections: | Journal of Accounting, Finance and Auditing Studies, Volume 8, Issue 4 Journal of Accounting, Finance and Auditing Studies, Volume 8, Issue 4 |
Files in This Item:
File | Description | Size | Format | |
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JAFAS8(4)A15.pdf | 429.24 kB | Adobe PDF | View/Open |
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