DAY OF THE WEEK EFFECTS: A TEST OF THE INFORMATION TIMING HYPOTHESIS

Autor:	Ken C. Yook, George M. McCabe, Richard A. DeFusco
Rok vydání:	1993
Předmět:	Names of the days of the week Accounting education Economics Business Management and Accounting (miscellaneous) Operations management Demographic economics Sample (statistics) Proxy (statistics) human activities Finance Test (assessment)
Zdroj:	Journal of Business Finance & Accounting. 20:835-842
ISSN:	1468-5957 0306-686X
DOI:	10.1111/j.1468-5957.1993.tb00296.x
Popis:	Many explanations have been offered for the negative Monday effect. An obvious conjecture is that the negative return might be due to firms timing the release of information after the market closes on Friday. We test this conjecture on a sample of 233 firms for 1986. Using a firm's board meeting date as a proxy for high information days we find that a firm's Monday return near a board meeting date is more likely to be negative than other Monday returns. Also the remaining days of the week tend to be more positive than similar days further away from the board meeting. Our results appear to explain part of the negative Monday effect.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::a7fb62fcda4997d990081b3fd6fe831e https://doi.org/10.1111/j.1468-5957.1993.tb00296.x Zobrazit plný text záznamu Plný text ve formátu PDF