Article ID Journal Published Year Pages File Type
1003610 Research in International Business and Finance 2007 11 Pages PDF
Abstract

This paper assesses the day of the week effect of the daily depreciation of the Turkish lira (TL) against the US dollar (USD) and its volatility. The empirical evidence from Turkey presented here suggests that Thursdays are associated with higher and Mondays with lower depreciation rates compared to those of Wednesdays. Moreover, Mondays and Tuesdays are associated with higher volatility than Wednesdays.

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Social Sciences and Humanities Business, Management and Accounting Business and International Management
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Day of the week effect on foreign exchange market volatility: Evidence from Turkey
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