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A negative Monday effect and positive Wednesday effect was also found by Shiok, Chong, and Brian (2007), in Malaysia. Similarly, Hakan and Halil (2001) topapadakis (1988) also suggest that institutional aspects of the stock market cannot explain the Monday effect. Lakonishok and Maberly (1990) document that The belief that securities market returns on Mondays are less than the other days of the week, and are often negative on average. This effect has been observed
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