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Presidential administrations and the day-of-the-week effect in stock returns
Authors:Kartono Liano  Kadir Liano  Herman Manakyan
Institution:1. Mississippi State University, Department of Finance and Economics, Box 9580, Mississippi State, MS 39762, USA;2. Pavilion Technologies, Inc., 11100 Metric Boulevard, Suite 700, Austin, TX 78758, USA;3. Department of Economics and Finance, Salisbury State University, 1101 Camden Avenue, Salisbury, MD 21801, USA;1. Department of Mechanical Engineering, Faculty of Engineering, Erode Builder Educational Trust''s Group of Institutions, Nathakadaiyur, Kangayam – 638108, Tirupur District, Tamil Nadu, India;2. Department of Mechanical Engineering, Coimbatore Institute of Technology, Coimbatore – 641014, Tamil Nadu, India;3. Department of Mechanical Engineering, V V College of Engineering, Tisaiyanvilai – 627657, Tamil Nadu, India;3. Università della Svizzera italiana, 6900 Lugano, Switzerland;4. Institute for Research in Biomedicine, 6500 Bellinzona, Switzerland;5. Department of Biology, ETH Zurich, 8093 Zurich, Switzerland;6. Graduate School for Cellular and Biomedical Sciences, University of Bern, 3001 Bern, Switzerland;12. École Polytechnique Fédérale de Lausanne, School of Life Sciences, 1015 Lausanne, Switzerland;1. Department of Statistics, University of Isfahan, Isfahan, 81746-73441, Iran;2. Department of Statistical Science, Southern Methodist University, 3225 Daniel Avenue, P O Box 750332, Dallas, TX 75275-0332, United States;1. School of Health and Rehabilitation Science, College of Medicine, The Ohio State University, Columbus, OH 43210, USA;2. College of Nursing and Health Sciences, Texas A&M International University, Laredo, TX, USA;3. College of Arts and Sciences, Shenandoah University, Winchester, VA, USA;4. Department of Kinesiology, Texas A&M University Corpus Christi, Corpus Christi, TX, USA;5. Department of Kinesiology, University of Alabama, Tuscaloosa, AL, USA;1. State Key Laboratory of Organic-Inorganic Composites, Beijing University of Chemical Technology, Beijing 100029, China;2. Key Laboratory of Theoretical Organic Chemistry and Functional Molecular, Ministry of Education, Hunan University of Science and Technology, Xiangtan 411201, China;3. Laboratory of Controllable Preparation and Functional Application of Fine Polymers, School of Chemistry and Chemical Engineering, Hunan University of Science and Technology, Xiangtan 411201, China;4. Beijing Kein Research Center for Natural Sciences, Beijing 100022, China
Abstract: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.
Keywords:Day-of-the-week effect  Stock returns  Anomalies  Presidential administrations
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