Friday the 13th and the Philosophical Basis of Financial Economics
10 Pages Posted: 15 Feb 2007
Date Written: February 2002
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: Suggested Citation