In a recent study, Liano, Liano and Manakyan (1999) conclude that the pattern of
day‐of‐the‐week effects in stock indices differs between Democratic
administrations and Republican administrations. Specifically, the weekend effect
is more pronounced during Republican administrations. This paper re‐examines
this issue. It incorporates into the analysis the implications of Connolly's
(1989) findings ... hiện toàn bộ