DAY OF THE WEEK EFFECTS: A TEST OF THE INFORMATION TIMING HYPOTHESIS
检验了公司是否在周五收盘后发布坏消息导致周一负收益的假说，发现董事会会议日附近的周一更易出现负收益，部分解释了周一效应。
Many explanations have been offered for the negative Monday effect. An obvious conjecture is that the negative return might be due to firms timing the release of information after the market closes on Friday. We test this conjecture on a sample of 233 firms for 1986. Using a firm's board meeting date as a proxy for high information days we find that a firm's Monday return near a board meeting date is more likely to be negative than other Monday returns. Also the remaining days of the week tend to be more positive than similar days further away from the board meeting. Our results appear to explain part of the negative Monday effect.