THE EMERGENCE OF DAY OF THE WEEK EFFECT IN THE INDIAN NIFTY ENERGY SECTOR: ANALYSIS AND INTERPRETATIONS
DOI:
https://doi.org/10.61841/cre57p13Keywords:
Day of the Week Effect, Calendar Anomalies, NIFTY Energy, Tuesday Effect, Market Efficiency.Abstract
This study delves into the presence and evolution of the day-of-the-week effect within the Indian NIFTY Energy Sectoral Index. Employing a comprehensive dataset of daily returns spanning the years 2005 to 2023, the analysis is segmented into two distinct time periods: 2005-2015 and 2016-2023. This segmentation allows for a granular examination of potential shifts in the nature or intensity of calendar anomalies within this market segment.
Findings from the initial period (2005-2015) reveal the absence of statistically significant day of-the-week effects. This aligns with certain strands of existing research that suggest calendar anomalies might be less prevalent in specific market segments or may experience periods of dormancy. However, the second time period (2016-2023) presents a compelling departure from this pattern, highlighting the dynamic landscape of financial markets. A statistically significant (p-value 0.05) and persistent anomaly arises, with Tuesdays consistently demonstrating the highest average daily returns within the NIFTY Energy Sector. This observation challenges traditional notions of day-of-the-week effects and necessitates a nuanced exploration of its potential drivers.
References
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Journal of Advance Research in Business, Management and Accounting (ISSN: 2456-3544)
![Creative Commons License](http://i.creativecommons.org/l/by-nc-nd/4.0/88x31.png)
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Terms & Condition
Submission -
Author can submit the manuscript through our online submission process or email us at the designated email id in contact details.
The other mode of submission not accepted than online and email.
Before submission please read the submission guidelines.
NN Publication accepts only article submitted in pdf/doc/docx/rtf file format. Another format except given file formats will no be considered .
Author will be responsible for the error mistakes in the submission files. The minor changes can be done without any cost after publication. But for major changes NN Publication may charges you the editing charges.
Publication (Online) -
The online publication is scheduled on last date of every month, but it can be delayed by 24 to 48 hours due to editorial process if huge number of articles comes to publish in single issue.
Automatic notification email will be sent to the all users on publication of an issue, so its author’s duty to check their email inbox or SPAM folder to get this notification.
After publication of article author can not withdraw their article.
If editor’s found any issue after publication of article then the NN Publication have the authority to remove the article from online website.
No refund will be provided after online publication of article.
Publication (Print) -
The print copy publication are sent as per the author’s request after 2 weeks of online publication of that issue.
NN Publication will ship the article by India Post and provide the consignment number on dispatch of print copy.
NN Publication follows all the guidelines of delivery provided by India Post and hence not responsible for delay in delivery due to any kind of reasons.
Refund of hard copy will not be provided after dispatch or print of the journal.
NN Publication will be responsible for raise a complain if there is any issue occurs in delivery, but still will not be responsible for providing the refund.
NN Publication will be responsible to resend the print copy only and only if the print copy is lost or print copy is damaged in delivery / or there is delay more than 6 months.
According to India Post the delivery should be completed with in 1-3 weeks after dispatch of articles.
Privacy Policy-
NN Publication uses the email ids of authors and editors and readers for sending editorial or publication notification only, we do not reveal or sell the email ids to any other website or company.