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Monday Effect Across Asset Classes

19 Pages Posted: 27 Jul 2009  

Opeyemi Tella

affiliation not provided to SSRN

Raphael Kahan


Date Written: January 2009


This paper extends research on the Monday effect across specific asset classes. We examine this anomaly using the CRB Index, the US Treasury Bond Rates and the US Dollar Index. The study tests have shown that the Monday effect holds true for the CRB Index and Treasury Bonds. However, there is no statistically significant Monday effect on the US dollar. This would suggest that the explanation of the Monday effect on equities lies not with equities themselves, as this phenomenon is common to other asset classes. Investors seem to decrease their exposure to all asset classes on average on Monday, and increase their cash holdings, maybe awaiting economic and financial reports released later in the week.

Keywords: monday effect

Suggested Citation

Tella, Opeyemi and Kahan, Raphael, Monday Effect Across Asset Classes (January 2009). Available at SSRN: or

Opeyemi Tella

affiliation not provided to SSRN ( email )

Raphael Kahan (Contact Author)

Independent ( email )

No Address Available

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