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A Study of Recruitment & Selection of Employees in Public Sector Enterprises of India

Dr. S. Poornima () and V. Chitra ()
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Dr. S. Poornima: Associate Professor, P.S.G.R.Krishnammal College for Women, Coimbatore
V. Chitra: Assistant Professor, Karpagam Institute of Technology, Coimbatore

Journal of Commerce and Trade, 2014, vol. 9, issue 1, 46-52

Abstract: This study investigates whether Friday effect exist in NSE NIFTY. The weekend Effect or Day of the Week Effect has been a hot research topic among academicians for decades. The most popular Anomaly is the Friday Effect, meaning that the Friday’s Average Return is significantly higher than the Other Days’ Average Returns. The presence of Friday Effect defeats the basic premises of the Efficient Market Hypothesis. Besides, it has greater implications on the design of investment strategy in the long run. The outcome of the study initiate that there was Highest Mean Return recorded in Friday and the Lowest Mean Returns were recorded in Monday for the sample indices. The analysis of seasonality results point out there is no significant Friday Effect exists in NSE NIFTY during the study period.

Keywords: Day of the Week Effect; Friday Effect; Efficient Market Hypothesis; Seasonality; Dummy Variable Regression Model. (search for similar items in EconPapers)
JEL-codes: M51 (search for similar items in EconPapers)
Date: 2014
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Handle: RePEc:jct:journl:v:9:y:2014:i:1:p:46-52