Friday the 13th effect on Indian stock market

Tarika Singh Sikarwar, Karuna Shrivastava and Pratibha Jadon
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Tarika Singh Sikarwar: Prestige Institute of Management, Gwalior, Madhya Pradesh, India
Karuna Shrivastava: Prestige Institute of Management, Gwalior, Madhya Pradesh, India
Pratibha Jadon: Prestige Institute of Management, Gwalior, Madhya Pradesh, India

International Journal of Financial Engineering (IJFE), 2020, vol. 07, issue 02, 1-30

Abstract: Purpose: This paper attempts to investigate the presence of Friday the 13th Effect in the Indian stock market. Design/methodology/approach: This paper tests the presence of the Friday the 13th Effect using different sets of hypotheses for 7 days, 15 days and normal versus Friday the 13th by using statistical methods. Findings: The findings of the study do not support the presence of Friday the 13th Effect for all cases. There are few months for certain specific years where the effect was seen. Research limitations/implications: The Friday the 13th effect has been examined for two major indices of the Indian market, i.e., the Bombay Stock Exchange Index SENSEX and the National Stock Exchange Nifty Fifty Index. However, there are other major and sectoral indices as well where in the effect may be checked. Practical implications: The study results indicate that Indian stock market shows phased anomaly. The effect of Friday the 13th is seen only in some cases during certain years only. Originality/value: Friday the 13th effect has been mostly checked for developed nations and again there has been less work done with respect to this particular market anomaly. The present research is an original work done for emerging market naming India.

Keywords: Market anomalies; calendar effect; Friday the 13th; stock market (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1142/S2424786320500103

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