In a recent study, Liano, Liano and Manakyan (1999) conclude that the pattern of day‐of‐the‐week effects in stock indices differs between Democratic administrations and Republican administrations. Specifically, the weekend effect is more pronounced during Republican administrations. This...

This paper examines evidence for the possible existence of the "daily effect" in the Istanbul Stock Exchange (ISE). In addition to ISE daily closing index returns, excess index returns over the risk-free rate—overnight interest rates in this case—and inflation are analyzed since the Turkish...