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Friday the thirteenth and the Financial Times Industrial Ordinary Shares Index 1935-94

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  • J. Andrew Coutts

Abstract

In recent years much evidence has been documented of the existence of regularities in security price returns. However, one of the least investigated anomalies concerns the socalled 'Friday the 13th' effect, where returns on Fridays which fall on the 13th of the month display significantly lower returns than other Fridays. Employing daily logarithmic returns from the Financial Times Industrial Ordinary Shares Index (FT 30) for the period July 1935 through December 1994, we find no evidence of a Friday the 13th effect. Indeed, if anything, we find returns are higher on Friday the 13th than on other Fridays. We then partition the sample into six subsamples each of ten years, again concluding that there is no evidence of a Friday the 13th effect, and that once again returns on Friday the 13th tend to be higher than on other Fridays. Finally, we conclude that our results support the extremely limited evidence documented for the UK market concerning the Friday the 13th effect.

Suggested Citation

  • J. Andrew Coutts, 1999. "Friday the thirteenth and the Financial Times Industrial Ordinary Shares Index 1935-94," Applied Economics Letters, Taylor & Francis Journals, vol. 6(1), pages 35-37.
    • Handle: RePEc:taf:apeclt:v:6:y:1999:i:1:p:35-37
    DOI: 10.1080/135048599353843
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    Cited by:

    1. Martin Halla & Chia-Lun Liu & Jin-Tan Liu, 2019. "The Effect of Superstition on Health: Evidence from the Taiwanese Ghost Month," Economics working papers 2019-01, Department of Economics, Johannes Kepler University Linz, Austria.
    2. Auer, Benjamin R. & Rottmann, Horst, 2014. "Is there a Friday the 13th effect in emerging Asian stock markets?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 1(C), pages 17-26.
    3. Boyle, Glenn & Hagan, Andrew & O'Connor, R. Seini, 2004. "Emotion, Fear and Superstition in the New Zealand Stockmarket," Working Paper Series 18969, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
    4. S. Wahyudi & I.R.D. Pangestuti & R.D. Laksana & Hersugondo & Robiyanto, 2018. "Corporate Social Responsibility on SKI KEHATI Index Corporate Performance: A Case Study," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 93-104.
    5. Keef, Stephen P & Khaled, Mohammed S, 2011. "The friday the thirteenth effect in stock prices: international evidence using panel data," Working Paper Series 18607, Victoria University of Wellington, School of Economics and Finance.
    6. Glenn Boyle & Andrew Hagan & R. Seini O'Connor & Nick Whitwell, 2004. "Emotion, fear and superstition in the New Zealand stockmarket," New Zealand Economic Papers, Taylor & Francis Journals, vol. 38(1), pages 65-85.
    7. Glenn Boyle & Andrew Hagan & R. Seini O'Connor & Nick Whitwell, 2004. "Emotion, fear and superstition in the New Zealand stockmarket," New Zealand Economic Papers, Taylor & Francis Journals, vol. 38(1), pages 65-85.
    8. Jan Fidrmuc & J. D. Tena, 2015. "Friday the 13th: The Empirics of Bad Luck," Kyklos, Wiley Blackwell, vol. 68(3), pages 317-334, August.
    9. repec:vuw:vuwscr:18969 is not listed on IDEAS
    10. Benno Torgler, 2003. "It Is About Believing: Superstition and Religiosity," CREMA Working Paper Series 2003-10, Center for Research in Economics, Management and the Arts (CREMA).
    11. repec:ers:journl:v:vi:y:2018:i:4:p:93-104 is not listed on IDEAS
    12. Brian Lucey, 2001. "Friday the 13th: international evidence," Applied Economics Letters, Taylor & Francis Journals, vol. 8(9), pages 577-579.
    13. Krzysztof Borowski, 2019. "Should Investors on Equity Markets Be Superstitious? (Example of 7 World Stock Indexes Components)," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(1), pages 151-174, January.

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