A comprehensive review of literature on the Day-of-the-Week effect

Author(s)	Divya R. Patel, Jimmy M. Kapadia
Country	India
Abstract	The paper is an attempt to review the existing literature available one calendar anomaly that is the Day-of-the-Week effect. The review is comprehensive as it not only provides information on the studies around the world but also focuses on India. The findings show that initially the Day-of-the-Week effect was present in the countries however, with time the anomaly started disappearing. The paper has covered various different kind of studies related to the anomaly in different market orientations, structural breaks, the Covid-19 pandemic, etc. Particularly in India, the studies show that the Day-of-the-Week effect is still present even in recent years.
Keywords	Calendar anomalies, Day-of-the-Week, India, Efficient Market Hypothesis
Published In	Volume 7, Issue 1, January-February 2025
Published On	2025-01-10
Cite This	A comprehensive review of literature on the Day-of-the-Week effect - Divya R. Patel, Jimmy M. Kapadia - IJFMR Volume 7, Issue 1, January-February 2025. DOI 10.36948/ijfmr.2025.v07i01.34853
DOI	https://doi.org/10.36948/ijfmr.2025.v07i01.34853
Short DOI	https://doi.org/g82gwh

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International Journal For Multidisciplinary Research