Is weekend effects a myth?

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Published: Sep 14, 2021
DOI: https://doi.org/10.46806/jep.v28i2.831
Keywords:
Stock price, return, trade volume, Monday effect, Friday effect, weekend effeck

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Maria Marcellinda Stevie
Finance Officer, PT. Vivo Communication Indonesia, Jakarta, Indonesia
Said Kelana Asnawi
Head of Graduate School of Marketing, Institut Bisnis dan Informatika Indonesia, Jakarta, Indonesia

Abstract

In the widely recognized phenomenon of the weekend effect, it is commonly believed that Monday's stock prices are lower than Friday's. The authors believe that stock movements are unique in each country and sector. Does this phenomenon also occur sectorally in Indonesia? This study intends to answer this question. Therefore, the authors study the differences in stocks on Friday and Monday in the consumer, and property, agriculture sectors on the Indonesian Stock Exchange (IDX). The research problem is there a difference in stock prices and returns on Friday and Monday? To answer this question, the authors chose the sample purposively. The data are the open-close and trading volume of the three selected sectors on the IDX in the period January 2018 to September 2020. Using the independent sample t-test as an analytical tool, the study shows no difference between return and trading volume on Friday and Monday. Thus, the agriculture, consumer, and property sectors in Indonesia, experience no market anomaly called the weekend effect.


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How to Cite
Stevie, M. M. ., & Asnawi, S. K. (2021). Is weekend effects a myth? . Jurnal Ekonomi Perusahaan, 28(2), 42–51. https://doi.org/10.46806/jep.v28i2.831
Issue
Vol. 28 No. 2 (2021): September 2021
Section
Research Articles
Author Biography

Said Kelana Asnawi, Head of Graduate School of Marketing, Institut Bisnis dan Informatika Indonesia, Jakarta, Indonesia

Dr. Said Kelana Asnawi is an associate professor of management that held the position as the head of the graduate school of management, Institut Bisnis dan Informatika Indonesia. He is also a lecturer on financial and investment management and is quite active as an economist a complete writer. He expressed his idea through various humanist essays labeled ‘Koffee Manis’. Dozens of popular articles are also published quite regularly in Investor Daily, a business newspaper, including several textbooks and scientific articles in several journals.

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