Friday the 13th and the philosophical basis of financial economics
The Friday the 13th anomaly of Kolb and Rodriguez (1987) is revisited in an international context. Drawing on the philosophy of science approach of Lakatos (1978), the paper argues the importance of “anomalies” and the need for triangulation. Using the FTSE world indices over 1988–2000 for 19 countries, it is found that there is some evidence that returns on Friday the 13th are statistically different from, and generally greater than, returns on other Fridays. The paper concludes with a brief discussion of the possibility of an emergent paradigm incorporating work such as Jacobsen and Bouman (1998) and Kamstra, Kramer, and Levi (2000a). Copyright Springer 2000
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Volume (Year): 24 (2000)
Issue (Month): 3 (September)
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References listed on IDEAS
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- Saunders, Edward M, Jr, 1993. "Stock Prices and Wall Street Weather," American Economic Review, American Economic Association, vol. 83(5), pages 1337-1345, December.
- Frankfurter, George M. & McGoun, Elton G., 1999. "Ideology and the theory of financial economics," Journal of Economic Behavior & Organization, Elsevier, vol. 39(2), pages 159-177, June.
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- Dyl, Edward A & Maberly, Edwin D, 1988. " The Anomaly That Isn't There: A Comment on Friday the Thirteenth," Journal of Finance, American Finance Association, vol. 43(5), pages 1285-1286, December.
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Levine's Working Paper Archive
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- Kolb, Robert W & Rodriguez, Ricardo J, 1987. " Friday the Thirteenth: 'Part VII'--A Note," Journal of Finance, American Finance Association, vol. 42(5), pages 1385-1387, December.
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