In this study we try to briefly revise the day of the week effect (DOW) and to examine why there are conflicting empirical results through the time. Moreover, we try to add a new-alternative view to the specific area of study, adding a further possible explanation in calendar anomalies field of...

Calendar anomalies (CAs) have been puzzling financial economists and practitioners for decades. The existence of CAs violates one of the most significant financial theories: the Efficient Market Hypothesis (Fama, 1970). Up to date most financial economists have examined the existence of CAs only...