Friday the 13th and the Philosophical Basis of Financial Economics

10 Pages Posted: 15 Feb 2007

See all articles by Brian M. Lucey

Brian M. Lucey

Trinity Business School, Trinity College Dublin; Jiangxi University of Finance and Economics; Abu Dhabi University - College of Business Administration; Ho Chi Minh City University of Economics and Finance

Date Written: February 2002

Abstract

The Friday the 13th anomaly of Kolb & 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 Friday returns. The paper concludes with a brief discussion of the possibility of an emergent paradigm incorporating work such as Jacobsen & Bouman (1998) and Kamstra, Kramer & Levi (2000a).

Keywords: Financial Economics, International, Asset Prices, Friday13th, Philosophy of Science

JEL Classification: B40, G14, G15

Suggested Citation

Lucey, Brian M., Friday the 13th and the Philosophical Basis of Financial Economics (February 2002). Available at SSRN: https://ssrn.com/abstract=962697 or http://dx.doi.org/10.2139/ssrn.962697

Brian M. Lucey (Contact Author)

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