The Impact of Institutional Investors on the Monday Seasonal

Su Han Chan, Wai-Kin Leung and Ko Wang ()
Additional contact information
Su Han Chan: Department of Finance, California State University-Fullerton
Wai-Kin Leung: Faculty of Business Administration, Chinese University of Hong Kong

The Journal of Business, 2004, vol. 77, issue 4, 967-986

Abstract: It is well documented that the mean Monday return is significantly negative and is lower than the mean return on other weekdays. Using institutional stock holdings information during the 19811998 period, we document that the Monday seasonal is stronger in stocks with low institutional holdings and that the Monday return is not significantly different from the mean Tuesday to Friday returns for stocks with high institutional holdings during the 19901998 period. Our study provides direct evidence to support the belief that the Monday seasonal may be related to the trading activities of less sophisticated individual investors.

Date: 2004
References: Add references at CitEc
Citations: View citations in EconPapers (28)

Downloads: (external link)
http://dx.doi.org/10.1086/422630 main text (application/pdf)
Access to the online full text or PDF requires a subscription.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ucp:jnlbus:v:77:y:2004:i:4:p:967-986

Access Statistics for this article

More articles in The Journal of Business from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().