Day-of-the-Week-Effects in West African Regional Stock Market

Aboudou Maman Tachiwou

Abstract


This paper provides the first evidence for the presence of the day of the week effects in West African regional stock market in the sample for the period September 1998 to December 2007.The observed daily patterns exhibiting lower daily means and lower standard deviations. In local currency terms, a pattern of lower returns around the middle of the week, Tuesday and then Wednesday; and a higher pattern towards the end of the week, Thursday and then Friday, are observed. The results have useful implications for international portfolio diversification. This may be of particular interest for the global investor.


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International Journal of Economics and Finance  ISSN  1916-971X (Print) ISSN  1916-9728 (Online)

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