| Summary: | The Day of the Week effect is a phenomenon observed in financial markets where the performance of securities or stocks varies based on the day of the week. This study investigates the presence of the Day of the Week effect in the financial performance of selected banks. Specifically, it examines whether certain days of the week exhibit consistent patterns of higher or lower returns for these banks. The study focuses on a sample of prominent banks and analyzes their daily stock returns over a specified time period. Various statistical techniques, such as mean return analysis and regression models, are employed to identify and quantify any systematic patterns associated with different days of the week. The findings from this research contribute to the existing literature on market anomalies and behavioral finance by shedding light on the Day of the Week effect in the banking sector. Understanding the presence of such patterns can be valuable for investors, traders, and financial institutions in formulating trading strategies and managing risk. The results of this research will provide insights into the behavior of selected banks' stock returns and offer implications for portfolio management, market efficiency, and regulatory policies. Additionally, the study may prompt further investigation into the underlying causes of the Day of the Week effect, such as investor sentiment, trading behavior, or market microstructure. Overall, this research aims to contribute to the understanding of the Day of the Week effect in the banking sector and its implications for financial markets. By examining the performance of selected banks across different days of the week, this study offers insights that can be valuable to both academics and practitioners in the field of finance.
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