text:
Efficiency in Economics
The concept of efficiency in economics is a general term for the value assigned
to a situation by some measure designed to capture the amount of waste or
friction or other undesirable economic features present. Within this context,
it has several quite distinct meanings. For example, allocative efficiency is
concerned with the optimal distribution of scarce resources among individuals
in the economy. An efficient portfolio is one with the highest expected return
for a given level of risk. An efficient market is one in which information is
rapidly disseminated and reflected in prices.
The EMH has been the central proposition of finance since the early 1970s and
is one of the most contoversial and well-studied propositions in all the social
The history of the EMH is covered in detail here, Bachelier (1900), Samuelson
(1965) and Fama (1970) being the most important papers.
The term efficient market was first introduced into the economics literature
by Fama in 1965. For this and subsequent definitions, see here.
The term efficient market was initially applied to the stock market, but the
concept was soon generalised to other asset markets.
Starting Point
Regardless of whether or not one believes that markets are efficient, or even
whether they are efficient, the efficient market hypothesis is almost certainly
the right place to start when thinking about asset price formation. One can
then consider relative efficiency.
There is an old joke, widely told among economists, about an economist
strolling down the street with a companion when they come upon a $100 bill
lying on the ground. As the companion reaches down to pick it up, the
economist says Dont bother if it were a real $100 bill, someone would have
already picked it up.
Lo in Lo (1997)
Contrary to popular belief, the EMH does not require that all market
participants are rational. Indeed, markets can be efficient even when a group
of investors are irrational and correlated, so long as there are some rational
traders present together with arbitrage opportunities. See Shleifer (2000).
Not Possible
Grossman and Stiglitz (1980) argued that because information is costly, prices
cannot perfectly reflect the information which is available, since if it did, those
who spent resources to obtain it would receive no compensation, leading to
the conclusion that an informationally efficient market is impossible.
See impossible.
Not Refutable
The EMH, by itself, is not a well-defined and empirically refutable hypothesis.
See here.
"I believe there is no other proposition in economics which has more solid
empirical evidence supporting it than the Efficient Market Hypothesis."
Jensen (1978)
"If the efficient markets hypothesis was a publicly traded security, its price
would be enormously volatile."
Shleifer and Summers (1990)
Best Paper
Fama (1970).
Best book
"The Econometrics of Financial Markets" by Campbell, Lo and Mackinlay
Review/Survey Papers
Fama (1970)
Fama (1991)
Fama (1998)
Lo (2000)
Andreou, Pittis and Spanos (2001)
EMH Definitions
(Or moving goalposts?)
Fama (Jan. 1965: The behavior of stock-market prices):
an efficient market for securities, that is, a market where, given the
available information, actual prices at every point in time represent very good
estimates of intrinsic values.
Fama (1970):
A market in which prices always fully reflect available information is called
Jensen (1978):
A market is efficient with respect to information set t if it is impossible to
make economic profits by trading on the basis of information set t.
[By economic profits, we mean the risk adjusted returns net of all costs.]
Fama (1991):
I take the market efficiency hypothesis to be the simple statement that
security prices fully reflect all available information. A precondition for this
strong version of the hypothesis is that information and trading costs, the
costs of getting prices to reflect information, are always 0 (Grossman and
Stiglitz (1980)). A weaker and economically more sensible version of the
efficiency hypothesis says that prices reflect information to the point where
the marginal benefits of acting on information (the profits to be made) do not
exceed marginal costs (Jensen (1978)).
Malkiel (1992):
A capital market is said to be efficient if it fully and correctly reflects all
relevant information in determining security prices. Formally, the market is
said to be efficient with respect to some information set, , if security prices
would be unaffected by revealing that information to all participants.
Moreover, efficiency with respect to an information set, , implies that it is
impossible to make economic profits by trading on the basis of .
Fama (1998):
market efficiency (the hypothesis that prices fully reflect available
the simple market efficiency story; that is, the expected value of abnormal
returns is zero, but chance generates deviations from zero (anomalies) in both
1565 The prominent Italian mathematician, Girolamo Cardano,
in Liber de Ludo Aleae (The Book of Games of Chance)
wrote: The most fundamental principle of all in gambling is
simply equal conditions, e.g. of opponents, of bystanders, of
money, of situation, of the dice box, and of the die itself. To
the extent to which you depart from that equality, if it is in
your opponents favour, you are a fool, and if in your own,
you are unjust.
1828 Scottish botanist, Robert Brown, noticed that grains of pollen
suspended in water had a rapid oscillatory motion when
viewed under a microscope.
1888 John Venn, the British logician and philosopher, had a clear
concept of both random walk and Brownian motion.
1906 Bachelier
1953 Milton Friedman points out that, due to arbitrage, the case
for the EMH can be made even in situations where the
trading strategies of investors are correlated.
1955 Around this time, Leonard Jimmie Savage, who had
discovered Bacheliers 1914 publication in the Chicago or
Yale library sent half a dozen blue ditto postcards to
colleagues, asking does any one of you know him? Paul
Samuelson was one of the recipients. He couldn't find the
book in the MIT library, but he did discover a copy of
Bacheliers Ph.D. thesis.
1962 Mandelbrot first proposes that the tails follow a power law, in
IBM Research Note NC-87.
1965 Fama defines an efficient market for the first time, in his
landmark empirical analysis of stock market prices that
concluded that they follow a random walk.
1966 Fama and Blume concluded that for measuring the direction
and degree of dependence in price changes, serial
correlation is probably as powerful as the Alexandrian filter
1968 Ball and Brown were the first to publish an event study.
1969 Fama, Fisher, Jensen and Roll undertook the first ever event
study, and their results lend considerable support to the
conclusion that the stock market is efficient.
1971 Kemp and Reid concluded that share price movements were
conspicuously non-random.
1982 Milgrom and Stokey show that under certain conditions, the
receipt of private information cannot create any incentives
to trade.
1984 Osborne and Murphy find evidence of the square root of time
rule in earnings.
French and Roll found that asset prices are much more
volatile during exchange trading hours than during non-
trading hours; and they deduced that this is due to trading
on private informationthe market generates its own news.
1989 Cutler, Poterba and Summers found that news does not
adequately explain market movement.
1990 Laffont and Maskin show that the efficient market hypothesis
may well fail if there is imperfect competition.
1991 Kim, Nelson and Startz reexamine the empirical evidence for
mean-reverting behaviour in stock prices and find that mean
reversion is entirely a pre-World War II phenomenon.
1995 Haugen publishes the book The New Finance: The Case
Against Efficient Markets. He emphasizes that short-run
overreaction (which causes momentum in prices) may lead
to long-term reversals (when the market recognizes its past
1997 Andrew Lo edits two volumes that bring together the most
influential articles on the EMH.
Chan, Gup and Pan conclude that the world equity markets
are weak-form efficient.
2003 Malkiel examines the attacks on the EHM and concludes that
our stock markets are far more efficient and far less
predictable than some recent academic papers would have
us believe.
EMH Taxonomy
The classic taxonomy of information sets, due to Roberts (1967), and used by
Fama (1970) includes the following:
"The 1970 review divides work on market efficiency into three categories: (1)
weak-form (How well do past returns predict future returns?), (2) semi-
strong-form tests (How quickly do security prices reflect public information
announcements?), and (3) strong-form tests (Do any investors have private
information that is not fully reflected in market prices?) At the risk of
damning a good thing, I change the categories in this paper.
Instead of weak-form tests, which are only concerned with the forecast power
of past returns, the first category now covers the more general area oftests for
return predictability, which also includes the burgeoning work on forecasting
returns with variables like dividend yields and interest rates. Since market
efficiency and equilibrium-pricing issues are inseparable, the discussion of
predictability also considers the cross-sectional predictability of returns, that
is, tests of asset-pricing models and the anomalies (like the size effect)
discovered in the tests. Finally, the evidence that there are seasonals in returns
(like the January effect), and the claim that security prices are too volatile are
also considered, but only briefly, under the rubric of return predictability.
For the second and third categories, I propose xchanges in title, not coverage.
Instead of semi-strog-form tests of the adjustment of prices to public
announcements, I use the now common title, event studies. Instead of strong-
form tests of whether specific investors have information not in market prices,
I suggest the more descriptive title, tests for private information."
Stochastic Descriptio
y to real Notes
process n
Kendall (1953),
Houthakker (1961) and
stationary Osborne (1962) found
independen nonstationarities in
Lvy process poor
t markets in the form of
increments positive autocorrelation
in the variance of
Kendall (1953),
Houthakker (1961) and
Osborne (1962) found
Markov process memoryless poor
positive autocorrelation
in the variance of
Note that above we are interested in the logarithm of the price of an asset
(Osborne (1959)).
"First, any test of efficiency must assume an equilibrium model that defines
normal security returns. If efficiency is rejected, this could be because the
market is truly inefficient or because an incorrect equilibrium model has been
assumed. This joint hypothesis problem means that market efficiency as such
can never be rejected."
Campbell, Lo and MacKinlay (1997), page 24
"...any test of the EMH is a joint test of an equilibrium returns model and
rational expectations (RE)."
Cuthbertson (1996)
One of the reasons for this state of affairs is the fact that the EMH, by itself, is
not a well-defined and empirically refutable hypothesis. To make it
operational, one must specify additional structure, e.g. investors' preferences,
information structure. But then a test of the EMH becomes a test of several
auxiliary hypotheses as well, and a rejection of such a joint hypothesis tells us
little about which aspect of the joint hypothesis is inconsistent with the data.
Are stock prices too volatile because markets are inefficient, or is it due to risk
aversion, or dividend smoothing? All three inferences are consistent with the
data. Moreover, new statistical tests designed to distinguish among them will
no doubt require auxiliary hypotheses of their own which, in turn, may be
Lo in Lo (1997), page xvii
"For the CAPM or the multifactor APT to be true, markets must be efficient."
"Asset-pricing models need the EMT. However, the notion of an efficient
market is not affected by whether any particular asset-pricing theory is true. If
investors preferred stocks with a high unsystematic risk, that would be fine: as
long as all information was immediately reflected in prices, the EMT theory
would be true."
Lofthouse (2001), page 91
"One of the reasons for this state of affairs is the fact that the Efficient Markets
Hypothesis, by itself, is not a well-defined and empirically refutable
hypothesis. To make it operational, one must specify additional structure, e.g.,
investor preferences, information structure, business conditions, etc. But then
a test of the Efficient Markets Hypothesis becomes a test of several auxiliary
hypotheses as well, and a rejection of such a joint hypothesis tells us little
about which aspect of the joint hypothesis is inconsistent with the data. Are
stock prices too volatile because markets are inefficient, or is it due to risk
aversion, or dividend smoothing? All three inferences are consistent with the
data. Moreover, new statistical tests designed to distinguish among them will
no doubt require auxiliary hypotheses of their own which, in turn, may be
Lo and MacKinlay (1999), pages 6-7
Grossman and Stiglitz (1980) argued that because information is costly, prices
cannot perfectly reflect the information which is available, since if it did, those
who spent resources to obtain it would receive no compensation, leading to
the conclusion that an informationally efficient market is impossible.
Sewell (2006)
"Second, perfect efficiency is an unrealistic benchmark that is unlikely to hold
in practice. Even in theory, as Grossman and Stiglitz (1980) have shown,
abnormal returns will exist if there are costs of gathering and processing
information. These returns are necessary to compensate investors for their
information-gathering and information-processing expenses, and are no
longer abnormal when these expenses are properly accounted for. In a large
and liquid market, information costs are likely to justify only small abnormal
returns, but it is difficult to say how small, even if such costs could be
measured precisely."
Campbell, Lo and MacKinlay (1997), page 24
"Grossman (1976) and Grossman and Stiglitz (1980) go even further. They
argue that perfectly informationally efficient markets are an impossibility, for
if markets are perfectly efficient, the return to gathering information is nil, in
which case there would be little reason to trade and markets would eventually
collapse. Alternatively, the degree of market inefficiency determines the
efforrt investors are willing to expend to gather and trade on information,
hence a non-degenerate market equilibrium will arise only when there are
sufficient profit opportunities, i.e., inefficiencies, to compensate investors for
the costs of trading and information-gathering. The profits earned by these
industrious investors may be viewed as economic rents that accrue to those
willing to engage in such activities."
Lo and MacKinlay (1999), pages 5-6
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30. [Cited by 11] (1.95/year)
YUE, Wei T., Alok R. CHATURVEDI and Shailendra MEHTA, 2000. Is More
Information Better? The Effect of Traders' Irrational Behavior on an Artificial
Stock Market, Proceedings of the Twenty First International Conference on
Information Systems (ICIS), December 2000. [not cited] (0/year)
The holiday effect refers to the tendency of the market to do well on any day
which precedes a holiday.
ARIEL, R.A., 1990. High Stock Returns before Holidays: Existence and
Evidence on Possible Causes, The Journal of Finance, Vol. 45, No. 5. (Dec.,
1990), pp. 1611-1626. [Cited by 64] (3.93/year)
Abstract: "On the trading day prior to holidays, stocks advance with
disproportionate frequency and show high mean returns averaging nine to
fourteen times the mean return for the remaining days of the year. Over one third
of the total return accruing to the market portfolio over the 19631982 period
was earned on the eight trading days which each year fall before holiday market
closings. Examination of hourly pre-holiday stock returns reveals high returns
throughout the day. Pre-holiday stock returns in the post-test 19831986 period
are also examined."
MENEU, Vicente and Angel PARDO, 2004. Pre-holiday Effect, Large Trades
and Small Investor Behaviour, Journal of Empirical Finance, Volume 11, Issue
2, March 2004, Pages 231-246. [Cited by 6] (2.61/year)
Abstract: "This paper investigates the existence of a pre-holiday effect in the
most important individual stocks of the Spanish Stock Exchange that are also
traded in both the New York Stock Exchange and the Frankfurt Stock Exchange.
Our results show high abnormal returns on the trading day prior to holidays that
are not related to any calendar anomaly. A thorough study of diverse liquidity-
related measures suggests a new explanation for the pre-holiday effect based on
the reluctance of small investors to buy on pre-holidays. The results of this paper
are important for the practitioners since we show that institutional investors
could have economically exploited this anomaly."
KIM, Chan-Wung and Jinwoo PARK, 1994. Holiday Effects and Stock
Returns: Further Evidence, The Journal of Financial and Quantitative Analysis,
Vol. 29, No. 1. (Mar., 1994), pp. 145-157. [Cited by 30] (2.44/year)
Abstract: "This paper provides further evidence of the holiday effect in stock
returns and additional insight into the effect. This paper reports abnormally high
returns on the trading day before holidays in all three of the major stock markets
in the U.S.: the NYSE, AMEX, and NASDAQ. The holiday effect is also present
in the U.K. and Japanese stock markets, even though each country has different
holidays and institutional arrangements. This study finds that the holiday effects
in the U.K. and Japanese stock markets are independent of the holiday effect in
the U.S. stock market. Unlike the other seasonal patterns in stock returns, such
as January and weekend effects, this investigation of size decile portfolios shows
that the size effect is not present in mean returns on preholidays."
CADSBY, Charles Bram and Mitchell RATNER, 1992. Turn-of-month and pre-
holiday effects on stock returns: Some international evidence, Journal of
Banking & Finance, Volume 16, Issue 3, June 1992, Pages 497-509. [Cited by
34] (2.38/year)
LUCEY, B.M., 2005. Are local or international influences responsible for the
pre-holiday behaviour of Irish equities?. Applied Financial Economics.[Cited by
2] (1.54/year)
LUCEY, B.M. and A. PARDO, 2005. Why investors should not be cautious
about the academic approach to testing for stock market . Applied Financial
Economics 15(3) :165-171 [Cited by 2] (1.54/year)
LIN, J.L. and T.S. LIU, 2002. Modeling Lunar Calendar Holiday Effects in
Taiwan. Taiwan Economic Forecast and Policy. [Cited by 4] (0.93/year)
ECONOMICS, A.F., 2002. The anomalies that aren't there: the weekend,
January and pre-holiday effects on the all gold index . Applied Financial
Economics. [Cited by 4] (0.93/year)
REDMAN, Arnold L., Herman MANAKYAN and Kartono LIANO, 1997. Real
Estate Investment Trusts and Calendar Anomalies. Journal of Real Estate
Research. [Cited by 8] (0.86/year)
VERGIN, Roger C. and John McGINNIS 1999. Revisiting the Holiday Effect:
is it on holiday?. Applied Financial Economics. [Cited by 6] (0.82/year)
LIANO, K., P.H. MARCHAND and G.C. HUANG, 1992. The holiday effect in
stock returns: Evidence from the OTC market. Review of Financial
Economics. [Cited by 9] (0.63/year)
TAKEI, A., et al., 2003. 'Drug holiday' effects of tandospirone in a patient with
Machado-Joseph disease. Psychiatry and Clinical Neurosciences.[Cited by 2]
BROCKMAN, P., 1995. A review and analysis of the holiday effect. Financial
Markets, Institutions & Instruments. [Cited by 5] (0.44/year)
MERRILL, A.A., 1966. Behavior of Prices on Wall Street. Analysis Press.
[Cited by 8] (0.20/year)
FIELDS, M.J., 1934. Security prices and stock exchange holidays in relation to
short selling, The Journal of Business of the University of Chicago, Vol. 7, No.
4. (Oct., 1934), pp. 328-338. [Cited by 12] (0.17/year)
LIANO, K. and L.R. WHITE, 1994. Business Cycles and the Pre-holiday
Effect in Stock Returns. Applied Financial Economics. [Cited by 2] (0.16/year)
Weekend Effect
The weekend effect (also known as the Monday effect, the day-of-the-
week effect or the Monday seasonal) refers to the tendency of stocks to exhibit
relatively large returns on Fridays compared to those on Mondays. This is a
particularly puzzling anomaly because, as Monday returns span three days, if
anything, one would expect returns on a Monday to be higher than returns for
other days of the week due to the longer period and the greater risk.
2000| 2001| 2002| 2003| 2004| 2005| 2006| 2007| 2008| 2009| 2010
| 2011| 2012
French (1980)
HAWAWINI, G. and D.B. KEIM, 1995. On the predictability of common stock
returns: World-wide evidence. In: Handbooks in Operations Research and
Management Science, Volume 9, Finance, pages 497-544. [Cited by 58] (4.06/year)
Abstract: "Recent empirical findings suggest that equity returns are predictable.
These findings document persistent cross- sectional and time series patterns in
returns that are not predicted by extant theory, and are, therefore, often classified
as anomalies. In this paper we synthesize the evidence on predictable returns,
focusing on the subset of the findings whose existence has proved most robust with
respect to both time and the number of stock markets in which they have been
FRENCH, Kenneth R., 1980. Stock Returns and the Weekend Effect, Journal of
Financial Economics, Volume 8, Issue 1, March 1980, Pages 55-69. [Cited by 310]
Abstract: "This paper examines two alternative models of the process generating
stock returns. Under the calendar time hypothesis, the process operates
continuously and the expected return for Monday is three times the expected return
for other days of the week. Under the trading time hypothesis, returns are
generated only during active trading and the expected return is the same for each
day of the week. During most of the period studied, from 1953 through 1977, the
daily returns to the Standard and Poor's composite portfolio are inconsistent with
both models. Although the average return for the other four days of the week was
positive, the average for Monday was significantly negative during each of five-year
LAKONISHOK, Josef and Seymour SMIDT, 1988. Are seasonal anomalies real? A
ninety-year perspective, The Review of Financial Studies, Vol. 1, No. 4. (Winter,
1988), pp. 403-425. [Cited by 161] (8.80/year)
Abstract: "This study uses 90 years of daily data on the Dow Jones Industrial
Average to test for the existence of persistent seasonal patterns in the rates of
return. Methodological issues regarding seasonality tests are considered. We find
evidence of persistently anomalous returns around the turn of the week, around the
turn of the month, around the turn of the year, and around holidays."
GIBBONS, Michael R. and Patrick HESS, 1981. Day of the Week Effects and Asset
Returns, The Journal of Business, Vol. 54, No. 4. (Oct., 1981), pp. 579-596. [Cited by
176] (6.96/year)
Abstract: "A traditional distributional assumption regarding the returns on a financial
asset specifies that the expected returns are identical for all days of the week.
Contrary to this plausible assumption, this paper discovers that the expected
returns on common stocks and treasury bills are not constant across days of the
week. The most notable evidence is for Monday's returns where the mean is
unusually low or even negative. Several explanations of the results are investigated,
but none proves satisfactory. Aside from documenting significant day of the week
effects, the implications of the results for tests of market efficiency are examined.
While market-adjusted returns continue to exhibit day of the week effects, these
effects are no longer concentrated on Monday."
ABRAHAM, Abraham and David L. IKENBERRY, 1994. The Individual Investor and
the Weekend Effect, The Journal of Financial and Quantitative Analysis, Vol. 29, No.
2. (Jun., 1994), pp. 263-277. [Cited by 71] (5.78/year)
Abstract: "It is well known that stock returns, on average, are negative on Mondays.
Yet, it is less well known that this finding is substantially the consequence of returns
in prior trading sessions. When Friday's return is negative, Monday's return is
negative nearly 80 percent of the time with a mean return of -0.61 percent. When
Friday's return is positive, the subsequent Monday's mean return is positive, 0.11
percent. This relationship is stronger than for any other pair of trading days and is
most acute in small- and medium-size companies. The trading behavior of individual
investors appears to be at least one factor contributing to this pattern. Individual
investors are more active sellers of stock on Mondays, particularly following bad
news in the market."
LAKONISHOK, Josef and Edwin MABERLY, 1990. The Weekend Effect: Trading
Patterns of Individual and Institutional Investors, The Journal of Finance, Vol. 45, No.
1. (Mar., 1990), pp. 231-243. [Cited by 94] (5.77/year)
Abstract: "In this paper, we document regularities in trading patterns of individual
and institutional investors related to the day of the week. We find a relative increase
in trading activity by individuals on Mondays. In addition, there is a tendency for
individuals to increase the number of sell transactions relative to buy transactions,
which might explain at least part of the weekend effect."
SULLIVAN, Ryan, Allan TIMMERMANN and Halbert WHITE, 2001. Dangers of data
mining: the case of calendar effects in stock returns, Journal of Econometrics,
Volume 105, Issue 1, November 2001, Pages 249-286. [Cited by 41] (4.95/year)
Abstract: "Economics is primarily a non-experimental science. Typically, we cannot
generate new data sets on which to test hypotheses independently of the data that
may have led to a particular theory. The common practice of using the same data
set to formulate and test hypotheses introduces data-mining biases that, if not
accounted for, invalidate the assumptions underlying classical statistical inference.
A striking example of a data-driven discovery is the presence of calendar effects in
stock returns. There appears to be very substantial evidence of systematic
abnormal stock returns related to the day of the week, the week of the month, the
month of the year, the turn of the month, holidays, and so forth. However, this
evidence has largely been considered without accounting for the intensive search
preceding it. In this paper we use 100 years of daily data and a new bootstrap
procedure that allows us to explicitly measure the distortions in statistical inference
induced by data mining. We find that although nominal p-values for individual
calendar rules are extremely significant, once evaluated in the context of the full
universe from which such rules were drawn, calendar effects no longer remain
WANG, Ko, Yuming LI and John ERICKSON, 1997. A New Look at the Monday
Effect, The Journal of Finance, Vol. 52, No. 5. (Dec., 1997), pp. 2171-2186. [Cited by
43] (4.63/year)
Abstract: "It is well documented that expected stock returns vary with the day-of-
the-week (the Monday or weekend effect). In this article we show that the well-
known Monday effect occurs primarily in the last two weeks (fourth and fifth weeks)
of the month. In addition, the mean Monday return of the first three weeks of the
month is not significantly different from zero. This result holds for most of the
subperiods during the 1962-1993 sampling period and for various stock return
indexes. The monthly effect reported by Ariel (1987) and Lakonishok and Smidt
(1988) cannot fully explain this phenomenon."
CHEN, Honghui and Vijay SINGAL, 2003. Role of Speculative Short Sales in Price
Formation: The Case of the Weekend Effect, The Journal of Finance, Volume 58,
Number 2, April 2003, pp. 685-706. [Cited by 14] (4.26/year)
Abstract: "We argue that short sellers affect prices in a significant and systematic
manner. In particular, we contend that speculative short sales contribute to the
weekend effect: The inability to trade over the weekend is likely to cause these
short sellers to close their speculative positions on Fridays and reestablish new
short positions on Mondays causing stock prices to rise on Fridays and fall on
Mondays. We find evidence in support of this hypothesis based on a comparison of
high short-interest stocks and low short-interest stocks, stocks with and without
actively traded options, IPOs, zero short-interest stocks, and highly volatile stocks."
CHAN, Su Han, Wai-Kin LEUNG and Ko WANG, 2004. The Impact of Institutional
Investors on the Monday Seasonal, The Journal of Business, Volume 77, Number 4
(October 2004), pages 967-986. [Cited by 9] (3.93/year)
Abstract: "It is well documented that the mean Monday return is significantly
negative and is lower than the mean return on other weekdays. Using institutional
stock holdings information during the 19811998 period, we document that the
Monday seasonal is stronger in stocks with low institutional holdings and that the
Monday return is not significantly different from the mean Tuesday to Friday returns
for stocks with high institutional holdings during the 19901998 period. Our study
provides direct evidence to support the belief that the Monday seasonal may be
related to the trading activities of less sophisticated individual investors."
LAKONISHOK, Josef and Maurice LEVI, 1982. Weekend Effects on Stock Returns: A
Note, The Journal of Finance, Vol. 37, No. 3. (Jun., 1982), pp. 883-889. [Cited by 92]
"SOME RESEARCHERS HAVE APPARENTLY been surprised to discover that the
distribution of stock returns depends on the day of the week. 1 Kenneth French [3],
for example, in testing whether daily stock returns are generated by a trading time
or calendar time hypothesis, provided convincing evidence of a negative market
return on Mondays. As French carefully notes, this finding runs counter to both
hypotheses, since a trading time view would have expected stock returns equal on
different days, and a calendar time view would have higher expected returns on
Monday to compensate for the longer holding period.
In this paper we offer a partial explanation for the apparently puzzling discovery of
different daily returns. We argue that the expected stock returns as measured, for
example, from closing prices, should depend on the day of the week. In general, we
argue that the expected returns on Mondays should be lower than would be implied
simply by a trading time or calendar time model, and the returns on Fridays should
be higher. In addition, we anticipate that holidays will have complex effects on stock
returns on other days of the week. Our argument is based on the delay between
trading and settlements in stocks and in clearing checks. The explanation that we
offer for different measured daily returns does not contradict the efficient market
hypothesis, as correctly adjusted expected returns should not differ according to the
day of the week."
AGGARWAL, Reena and Pietra RIVOLI, 1989. Seasonal and Day-of-the-Week
Effects in Four Emerging Stock Markets, The Financial Review, Vol. 24, Issue 4
(November 1989), Pages 541-550. [Cited by 54] (3.12/year)
The January effect and the weekend effect have proven to be persistent
anomalies in U.S. equity markets. The objective of this paper is to examine seasonal
and daily patterns in equity returns of four emerging markets: Hong Kong,
Singapore, Malaysia, and the Philippines. These markets are gaining importance
with the globalization of business; therefore, it is necessary to examine the
efficiency and functioning of these capital markets. Our analysis uses daily data for
the 12 years from September 1, 1976, to June 30, 1988. The results support the
existence of a seasonal pattern in these markets. Returns in the month of January
are higher than any other month for all markets examined except the Philippines. A
robust day-of-the-week effect is also found. These markets exhibit a weekend effect
of their own in the form of low Monday returns. In addition, there exists a strong
Tuesday effect, which may be related to the + 13 hour time difference between
New York and these emerging markets."
ARSAD, Zainudin and J. Andrew COUTTS. 1997. Security price anomalies in the
London International Stock Exchange: a 60 year perspective, Applied Financial
Economics, Volume 7, Number 5, 1 October 1997, pp. 455-464. [Cited by 29]
Abstract: "This paper investigates the existence of security price anomalies, or
calendar effects in the Financial Times Industrial Ordinary Shares Index over a 60
year period: 1 July 1935 through 31 December 1994. Our results broadly support
similar evidence documented for many countries concerning stock market
anomalies, as the weekend, January and holiday effects all appear, to some extent,
to be present in our data set. We conclude, that even if these anomalies are
persistent in their occurrence and magnitude, the cost of implementing any
potential trading rules may be prohibitive due to the illiquidity of the market and
round trip transactions costs. This is of course perfectly consistent with the notion
of market efficiency, in that no strategy exists that will consistently yield abnormal
SIAS, Richard W. and Laura T. STARKS, 1995. The Day-of-the-Week Anomaly: The
Role of Institutional Investors, Financial Analysts Journal, May/June 1995, Vol. 51, No.
3: pp. 58-67. [Cited by 33] (2.92/year)
CHOUDHRY, T., 2000. Day of the week effect in emerging Asian stock markets:
evidence from the GARCH model, Applied Financial Economics, Volume 10, Number
3, 1 June 2000, pp. 235-242. [Cited by 18] (2.86/year)
Abstract: "This paper investigates the day of the week effect on seven emerging
Asian stock markets returns and conditional variance (volatility). The empirical
research was conducted using the GARCH model and daily returns from India,
Indonesia, Malaysia, Philippines, South Korea, Taiwan, and Thailand from January
1990 to June 1995. Results obtained indicate the significant presence of the day of
the week effect on both stock returns and volatility, though the result involving both
the return and volatility are not identical in all seven cases. Results also show that
these effects may be due to a possible spill-over from the Japanese stock market."
CHEN, G., 2001. The day-of-the-week regularity in the stock markets of
China. Journal of Multinational Financial Management. [Cited by 15] (2.84/year)
CROSS, Frank, 1973. The Behavior of Stock Prices on Fridays and
Mondays, Financial Analysts Journal, November/December 1973, Vol. 29, No. 6: 67-
69. [Cited by 91] (2.73/year)
MEHDIAN, Seyed and Mark J. PERRY, 2001. The Reversal of the Monday Effect:
New Evidence from US Equity Markets, Journal of Business Finance & Accounting,
Volume 28, Numbers 7-8, September/October 2001, pp. 1043-1065. [Cited by 14]
Abstract: "This article re-examines the Monday effect in the US stock market from
1964-1999 using daily returns from three large-cap indexes and two small-cap
indexes. In the period before 1987, Monday returns are significantly negative in all
five US stock indexes, confirming previous empirical findings. In the post-1987
period, we uncover a significant reversal of the Monday effect in the large-cap
indexes (NYSE, S&P500 and DJCOMP), since Monday returns are significantly
positive. Furthermore, significant differences in the persistence and reversal of the
Monday effect are found between large-cap and small-cap stock indexes."
BALABAN, Ercan, 1995. Day of the week effects: new evidence from an emerging
stock market, Applied Economics Letters, Volume 2, Number 5, 1 May 1995, pp.
139-143. [Cited by 29] (2.57/year)
Abstract: "The primary objective is to investigate day of the week effects in an
emerging stock market of a developing country, namely Turkey. Empirical results
verify that although day of the week effects are present in Istanbul Securities
Exchange Composite Index (ISECI) return data for the period January 1988 to August
1994, these effects change in direction and magnitude through time."
CLARE, A.D., M.S.B. IBRAHIM and S.H. THOMAS, 1998. The Impact of Settlement
Procedures on Day-of-the-week Effects: Evidence from the Kuala Lumpur Stock
. Journal of Business Finance & Accounting. [Cited by 10] (1.21/year)
MILLER, E.M., L.J. PRATHER and M.I. MAZUMDER, 2003. Day-of-the-Week Effects
among Mutual Funds.. Quarterly Journal of Business and Economics.[Cited by 4]
CHOW, E.H., P. HSIAO and M.E. SOLT, 1997. Trading Returns for the Weekend
Effect Using Intraday Data. Journal of Business Finance and Accounting.[Cited by 11]
COUTTS, J.A., 1999. The weekend effect, the Stock Exchange Account and the
Financial Times Industrial Ordinary Shares . Applied Financial Economics.[Cited by
8] (1.10/year)
CONNOLLY, R.A., 1991. A posterior odds analysis of the weekend effect, Journal
of Econometrics 49:51-104. [Cited by 15] (0.98/year)
ZIEMBA, W., T., 1991, Japanese security market regularities: monthly, turn-of-
the-month and year, holiday and Golden Week effects. Japan and the World
Economy 3:119-146. [Cited by 11] (0.68/year)
HERWARTZ, H., 2000. Weekday dependence of German stock market
returns. Applied Stochastic Models in Business and Industry. [Cited by 4] (0.64/year)
DYL, E.A. and S.A. MARTIN, 1985. Weekend Effects on Stock Returns: A
Comment. The Journal of Finance. [Cited by 12] (0.56/year)
MABERLY, Edwin D., 1995. Eureka! Eureka! Discovery of the Monday Effect
Belongs to the Ancient Scribes, Financial Analysts Journal, September/October 1995,
Vol. 51, No. 5: 10-11. [Cited by 6] (0.53/year)\citeasnoun{}
CHOY, A.Y.F. and J.O.'.H.A.N.L.O.N. , 1989. Day-of-the-week effects in the UK
equity market: a cross sectional analysis. Journal of Business Finance and
Accounting. [Cited by 6] (0.35/year)
BALL, R. and J. BOWERS, 1988. Daily Seasonals in Equity and Fixed-Interest
Returns: Australian Evidence and Tests of Plausible . Stock Market Anomalies.
[Cited by 6] (0.33/year)
FIELDS, M.J., 1931. Stock Prices: A Problem in Verification, The Journal of
Business of the University of Chicago, Vol. 4, No. 4. (Oct., 1931), pp. 415-418. [Cited
by 20] (0.27/year)
HIRSCH, Y., 1986. Don't Sell Stocks on Monday. Facts on File New York, NY.
[Cited by 3] (0.15/year)
COURSEY, D.L. and E.A. DYL, 1986. Price Effects of Trading Interruptions in an
Experimental Market. Unpublished working paper, Department of Economics,
. [Cited by 2] (0.10/year)
CHANG, E.C., 1994. European Day-of-the Week Effects, Beta Asymmetries, and
International Herding/Y Eric C. Chng, J. . Center for International Business
Education and Research, . [not cited] (0/year)
O'Hanlon, J. & Papaspirou, P. (1988). The daily behaviour of national equity
markets: seasonal patterns and inter-relationships. Investment Analyst, (89), 26-35.
Cointegration (Engle and Granger, 1987) is an econometric technique for
testing the relationship between non-stationary time series variables. If two or
more series each have a unit root, that is I(1), but a linear combination of them
is stationary, I(0), then the series are said to be cointegrated.
For example, a stock market index and the price of its associated futures
contract, whilst both following a random walk, will be in a long-run
equilibrium and deviations from this equilibrium will be stationary.
Robert Engle and Clive Granger shared the 2003 Bank of Sweden Prize in
Economic Sciences in Memory of Alfred Nobel, the latter's portion due to his
contribution to the development of cointegration.
Sewell (2006)
Amazon.com: Books Search Results: cointegration
7. MADDALA, G.S. and I.M. KIM, 1999. Unit Roots, Cointegration, and
Structural Change. books.google.com. [Cited by 411] (62.78/year)
Wikipedia: Cointegration
ALBEROLA, E., et al., 1999. Rates: Euro, Dollar,Ins,Outs, and Other
Major Currencies in a Panel Cointegration . IMF Working Papers.[Cited by
54] (8.25/year)
CAMPBELL, J.Y. and R.J. SHILLER, 1987. Cointegration and Tests of Present
Value Models. The Journal of Political Economy. [Cited by 488] (26.31/year)
CAMPOS, J., N.R. ERICSSON and D.F. HENDRY, 1993. Cointegration tests
in the presence of structural breaks. [Cited by 60] (4.78/year)
E, D.E. and P.L. DA, 2000. Cointegration analysis in the presence of structural
breaks in the deterministic trend. Econometrics Journal. [Cited by 70]
ENDERS, W., 1988. Arima and Cointegration Tests of PPP under Fixed and
Flexible Exchange Rate Regimes. The Review of Economics and Statistics.
[Cited by 58] (3.31/year)
FISHER, E.O.N. and J.Y. PARK, 1991. Testing Purchasing Power Parity under
the Null Hypothesis of Co-Integration. The Economic Journal. [Cited by 39]
HAFER, R.W. and D.W. JANSEN, 1991. The Demand for Money in the United
States: Evidence from Cointegration Tests.. Journal of Money, Credit &
Banking. [Cited by 61] (4.19/year)
HAKKIO, C.S. and M. RUSH, 1990. Cointegration: how short is the long run?.
[Cited by 140] (9.01/year)
HARRIS, F.H., et al., 1995. Cointegration, error correction, and price discovery
on informationally linked security markets. Journal of Financial and
Quantitative Analysis. [Cited by 39] (3.70/year)
HOLDEN, D. and R. PERMAN, 1994. Unit roots and cointegration for the
economist. Rao, BB (1994). Cointegration for the applied economist. .[Cited
by 46] (3.98/year)
HORVATH, M.T.K. and M.W. WATSON, 1995. Testing for cointegration when
some of the cointegrating vectors are prespecified. Econometric Theory.[Cited
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JOHANSEN, S. and K. JUSELIUS, 1994. The role of the constant and linear
terms in cointegration analysis of nonstationary variables. Econometric
Reviews. [Cited by 99] (8.57/year)
JOHANSEN, S., 1991. Testing weak exogeneity and the order of cointegration
in UK money demand data. Helsinki: University of Helsinki. [Cited by 108]
KAO, C., M.H. CHIANG and B. CHEN, 1999. International R & D Spillovers:
An Application of Estimation and Inference in Panel Cointegration.Oxford
Bulletin of Economics and Statistics. [Cited by 60] (9.17/year)
KIM, Y., 1990. Purchasing Power Parity in the Long Run: A Cointegration
Approach.. Journal of Money, Credit & Banking. [Cited by 78] (5.02/year)
KREMERS, J.J.M., N.R. ERICSSON and J.J. DOLADO, 1992. The Power of
cointegration tests. [Cited by 259] (19.12/year)
MACKINNON, J.G., 1995. Numerical distribution functions for unit root and
cointegration tests. [Cited by 104] (9.86/year)
MADDALA, G.S. and I.M. KIM, 1999. Unit Roots, Cointegration, and
Structural Change. books.google.com. [Cited by 411] (62.78/year)
MARK, N.C. and D. SUL, 2003. Cointegration Vector Estimation by Panel
DOLS and Long-run Money Demand*. Oxford Bulletin of Economics and
Statistics. [Cited by 47] (18.46/year)
PARK, J.Y., 1990. Testing for Unit Roots and Cointegration by Variable
Addition. Advances in Econometrics. [Cited by 69] (4.44/year)
SHIN, Y., 1994. A residual-based test of the null of cointegration against the
alternative of no cointegration. Econometric Theory. [Cited by 117] (10.13/year)


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The moment sending an employer a resume for a specific position, you should send it using a cover letter that is also tailored to the particular job for which most likely applying. A lot of people happen to be accustomed to writing go over letters and resumes in a particular file format. Inside my opinion, you will require a both an appliance cover letter and a resume along with the name of the person who you can expect to send it to.
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Apple Design Awards celebrate best-in-class design for apps and games
Apple hosted the Apple Design Awards and recognized nine iOS developers for outstanding artistry, technical achievement, user interface and applicationRead more
Apple hosted the Apple Design Awards and recognized nine iOS developers for outstanding artistry, technical achievement, user interface and applicationRead more
Surveillance devices can be used to target traveling business people, politicians, activists, and journalists, among others. To help all travellersRead more
Apple updated MacBook Pro with faster 8th- and 9th-generation Intel Core processors, bringing eight cores to MacBook Pro for theRead more
The Carrier Blockchain Study Group ("CBSG"), the global blockchain consortium of telecom carriers, today announced that Taiwan-based Asia Pacific TelecomRead more
It's nearly Valentine's Day and the Un-carrier only has eyes for their customers. On Super Bowl Sunday, T-Mobile announced TacoRead more
By Tad Reynes, Director, Connected Health Strategy and Development, AT&T Some 2,400 years ago, Hippocrates deemed walking the best medicine.Read more
In a keynote address at the 2019 Consumer Electronics Show (CES), Verizon Chief Executive Officer Hans Vestberg discussed upcoming breakthroughsRead more
By Eric Cevis, Verizon Partner Solutions It's the time of year when all our thoughts turn to how we areRead more
Starting today, the ECG app on Apple Watch Series 4 marks the first direct-to-consumer product that enables customers to takeRead more
At the Department of Veterans Affairs (VA) Anywhere to Anywhere, Together Telehealth Summit today, Secretary Robert Wilkie announced a partnership with T-MobileRead more


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Here are some new offerings from the Fiend crew. The seat is simple and clean pivotal with minimal branding. Classic Fat Capital shape with a tough yet grippy, tear-resistant 3-panel cover. The Pivotal patch is the only color accent and is available with a gray, lime green, blood red or purple Fiend logo. Weight:11.5ozs. Fiend's… Read more »
Kink Pillar Cranks
Kink Pillar cranks have arrived at the shop! I can honestly say they are some of the best cranks I've ever seen. They really are proof that lighter and stronger is actually possible with some creative thinking. http://vimeo.com/32337233
Yeti ASR 5
Here's another custom Yeti trail bike we assembled recently. This ride is ready for all the rocky high speed descents you can put in front of it.
Fit Ben Lewis Frame
We often get asked why we don't stock frames and the reason is that it's really hard to have the right size/color in stock. We can always special order any frame you want. Ben Lewis likes a real simple set-up, so he wanted his signature frame from Fit to be basic with no gimmicks. This… Read more »
Dakine White Knuckle Gloves
"These fit like a glove" No really these do have a really good fit unlike most winter gloves where you can't feel your handlebar. Dakine's White Knuckle Glove features a stretcheable and windprrof shell. 100g Thinsulate for insulation and Clarino synthetic suede with silicone gripper finger tips to pull that lever when needed.
Mutiny Ethereal Sprocket
Here's a fresh sprocket from the guys at Mutiny, 7075 aluminum makes it a strong ring that should stay straight for a long time. The Ethereal also features 5 bolt holes so you can rotate it to get rid of the dreaded high and low spots in your chain.
Surly LHT w/ VO fenders
Surly's Long Haul Trucker is truly a do-it-all bike. Whether it be nasty commutes to work, weekend joyrides, or a trip across the United States, you can rest assured you will be comfortable and have the compatibility of carrying almost anything you may need. Click here to find out more about the LHT. Note the… Read more »
Bonedeth Handlebars
Below are the new BoneDeth Bomber handle bars. They are available in a rise of 8,8.5, or 9″ x 28″ wide. Black, grey, raw red, and chrome are the color options!
Replacing DU Bushings
Fox's Float series of rear shocks are the most popular shock on bikes these days. They are very reliable, but one thing that commonly gets overlooked is replacing the DU bushings. Over time the PTFE coating (orange) wears out, this is when you will start to hear creaks. Your fancy aluminum reducers will also start… Read more »
King Cage bottle cages back in stock
King Cage water bottle holders are made in out of a garage in Durango, CO, from all USA-sourced materials. They are extremely strong and will not mar up your bottles! Check this video out to see the making of one.


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Which one is better a sidekick 4 or an iPhone?
ok so i think that i sidekick lx is better because the iphone is cool but it's expensive and it takes years to type with. what i'd do if you've got an ipod touch 2nd generation download truphone it makes ur ipod become a phone so instead of buying an iphone buy an ipod touch and a sidekick lx if you want an iphone i still wouldn't buy it because all the apps and music don't make it a phone right?
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I touch 4g is a trillion times better. Read More
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Android Read More
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The Iphone 4 is better than the Iphone 3gs Read More
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well ipod 4 touch with a camra and a iphone 4 3G is tecnicly the same but iphone is a little better Read More
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Iphone 4 Read More
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iphone 5 Read More
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iPhone 4S Read More
How is the iPhone 4S better than the iPhone 4?
the iphone 4 s has better voice recognition and the regular iphone pretty much has horrible voice recognition Read More
How is the iPhone 5 better than the iPhone 4?
Well it was said that the iPhone 5 would have a much thinner screen then the iPhone 4. Then the Iphone 5 would have more and better apps on it. Read More
Which is better iPhone 4 or droid x?
iPhone Read More
Is the iPhone 4 better than the galaxy?
No the iPhone is not better than the galaxy ad the galaxy Is not better than the iPhone but the Blackberry is better than both Read More
Would the results be good to update an iPhone 3G to the iPhone 4?
Yes the iphone 4 is better so you should upgrade to the iphone 4. Read More
Is EVO better than iPhone?
iphone 4 is way better Read More
What is better the iPhone 4 or 4s?
The Turtle Webkinz is Faster Than Both the iPhone 4 and iPhone 4S Combined Read More
What kind of cellphone did Kim Kardashian use to own?
she has a helio ocean, a t-mobile sidekick lx and a iphone 4 Read More
What is better iphone 4 or HTC?
htc is better Read More
What is better the Samsung Galaxy ace or the iphone 4?
Samsung galaxy ace is way better than the weird and useless IPhone 4! Read More
What is better iPhone 3G or BlackBerry Bold?
esay blackberry but if it was a iphone 4 then it would be the iphone Read More
Is xperia better than iPhone 4?
No ! iphone 4 is better than xperia x10 ------------------ iPhone 4! Check the review below(link) Read More
Which is better the iPhone 4 or iPhone 4S?
There are more features but dont think its the iphone 5. The 4s has a better camera and more storage. It also surfs faster, and loads apps quicker than the iphone 4. Read More
What is the different at a iPhone 4 and iPhone 4s?
iPhone 4s has a better cam thinner faster siri Read More
What phone is better the iPhone 3GS or iPhone 4?
It really depends on your preferences. The iPhone 4 might have some more improvements but they are really similar. Read More
Is a my touch 4g better than a iphone 4 or iphone 4 is better than your touch 4g?
my touch 4g is better because it can slide and an i phone 4 cant -BTW i have a my touch 4g and it is AWESOME Read More
Is a iPhone better then a different phone?
yes it is better than all phones yet it is worse than the iphone 4 and the ipad. Read More
Is Samsung corby better or iPhone?
samsung corby s3563 is better because the iphone 4 always freezes and stuffs up Read More
Is an iPhone 4S better or an iPhone 4G?
There no such phone as an iPhone 4G, only a 4, a 4S, a 3G and a 3-GS Read More
Is the black or white iphone 4 better?
Neither is better it is just about your preference. Read More
What better iphone 4 or blackberry?
Blackberry! :D Read More
Which jailbreak is better for the iPhone 4?
they are all the same Read More
Is the blackberry 9900 is better than the iPhone 4?
Well the blackberry has a keyboard which is better but I rather you get the iPhone 4s cuz everything like camera quality is better Read More
Which phone is better the iphone 4 or the your touch 3g slide?
iphone 4 definetely Read More
Is xperia arc better than iPhone 4?
They are very good phones but xperia arc is better than iphone 4 for a little!! -------- Arc is better but iPhone 4 is still the best when it comes to OS & Display. Check the sources below Read More
How do you unlock and jailbreak iPhone 4?
To jailbreak an iPhone 4 you need to download redsn0w. For better info go to youtube and search ' how to jailbreak iPhone 4 on (whatever your OS is .example: IOS 5).' Read More
Why is the iPhone 4 called the iPhone 4?
It is the 4th model of iPhone. But iPhone generations do not go from one up: 1. iPhone 2. iPhone 3G (because of 3G connection) 3. iPhone 3GS 4. iPhone 4. 5. iPhone 4S Read More
Is iPhone 4 better then iPad?
an iphone 4 because you can call on it and also go online but on an ipad you can only go online and games an iphone 4 can do all of those things. so i chose an iphone 4 Read More
Which phone is better iPhone 4 or galaxy S33?
well the iphone 4 is good but i would recemend the iphone 5 the galaxy 3ss is not as good as you think Read More
What does 4 s mean in iPhone?
4 means that it is the 4th generation of phone There was: 1. Original iphone (2g data only) 2. iphone 3G (3g data) 3. iphone 3gs (better processor and camera) 4. iphone 4 (total redesign) 5. iphone 4s (a5 processor, dual radios, better camera, siri, etc) Read More
Which iPhone 4 bumper color looks better on the white iPhone 4S?
a light green looks good. Read More
Which is better the iPhone 4 or the Samsung Captivate or the Blackberry Torch?
In this question I would say the Samsung Captivate Owns the iPhone and the iPhone owns the Blackberry! Read More
What should you get iPhone 4S or iPhone 4?
I think an iPhone 4s because it has Siri. It's very easy to use and is also better than an iPhone 4. It's faster and includes more features. In general, I believe the iPhone 4s is better, but in all reality, which one you should get depends if you would actually use all the better features of the iPhone 4s. If you want best quality videos and photos, if you need a personal assistant(Siri), or… Read More
What are One Directions cellphones?
louie has a white iphone 4 harry has a black iphone 4 Read More
What is a better phone iphone 4 or blackberry torch 9800?
blackberry torch 9800 is better Read More
Is the blackberry key pad better then the iphone 4 key pad As u can buy a case that has the blackberry key pad with it?
Yes, the Blackberry key pad better than the iPhone 4 key pad. Read More
Is an iPhone 3gs better than iPhone 4g?
no No, the general idea of Apple upgrading the iPhone, was to make it BETTER. iPhone 4 has a HD Retina screen, can have a facetime call, Gyroscop, apple A4 chip. Read More
Will the iPhone 4 have 4g?
No, and yes, sadly. Dumb AT&T are keeping it at 3G, unlike Verizon and T-Mobile. If you really want 4G on your iPhone, then get the Verizon iPhone 4. Much better. Read More
Can you change the imei number on an iPhone 4?
No, you can't. Every iPhone 4 has a different IMEI number and it is the only thing that distinguishes one iPhone 4 from another. Read More
Which is better iphone 4 or blackberry torch?
It really depends on what you think. Read More


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A smile says a lot about you, long before you speak a word. To ensure that you're sending the right message, explore how veneers can help cover up many dental flaws — quickly and easily.
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A smile says a lot about you, long before you speak a word. To ensure that you're sending the right message, explore how veneers can help cover up many dental flaws — quickly and easily.
In the battle against gum disease, a professional deep cleaning can make the difference in helping to prevent tooth loss. Read on to learn more about this tooth- and gum-preserving procedure that can keep you smiling well into the future.
For people who are missing teeth, dental implants offer the best replacement option because they provide benefits such as comfort, ease of brushing and flossing, and reduced self-consciousness.
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GET YOUR COPY OF EDITION No: 54 HERE
Congratulations to everyone whose images received Commended and Highly Commended Certificates and those who also took away a Trophy at last night's Annual Awards Evening. As promised I have attached the presentation slide which details the dates and themes for next season's POTY and other competition dates...!Read More
It is a great coup for our Society to get David Noton to bring his famous Chasing the Light Road Show to Norwich. A challenge to you all over the Summer when we must not lose sight of the fact that we need to sell tickets...! If every member of NDPS manages to sell just one ticket by encouraging a partner, family member, a friend/neighbour or anyo...Read More
Great day on Friday with Malcolm English ARPS who judged the prints entered for this year's 103rd Annual Exhibition at Norwich Cathedral in September. It took the entire day as there was nearly three hundred prints entered and more than one-hundred and fifty digital images (PDIs) competing for the available spaces in the Cathedral's exhibition a...Read More
The Landscape Group's shoot this coming Saturday 18th May 2019 will take place at Shingle Street. Meet at the car park (Postcode for parking IP12 3BG) at the end of the lane just before the Coastguard cottages by 6:30. If want to arrive earlier there is plenty of possible viewing points to seek out ahead of the sunset.Read More
Have I Got Nudes For You a photographic talk by Tim Pile FIPF MPAGB EFIAP/p will take place at the Methodist Hall, Chapel Field Road, Norwich NR2 1SD on Tuesday 14th May at 7:30pm. This is the last Special Presentation of the current Season and going by the outstanding reviews after Tim has given this talk previously is not one to...Read More
With last night's fifth and final round concluding this year's Photographer of the Year Competition our focus is now on the last competition of this season to select the Projected (PDI) and Print images of the Year on Tuesday 28th May at the Methodist Hall in Chapel Field Road. Last night's POTY round was won by Neil Hall with Egg and Spoon Race, w...Read More
I received an email over the Easter period from our friends in Koblenz about the next International Battle between Koblenz, Nivernais and ourselves. I've copied the email below which set's out the theme for the competition: I hope you have had a nice Easter with your families. Here we had a warm summer day with no clouds in the sky, but the weath...Read More
The Photographic Alliance of Great Britain (PAGB) to which Norwich and District Photographic Society is affiliated to through the East Anglian Photographic Federation (EAF) has considered one aspect of EU-GDPR (data protection regulations) and issued advice to member Societies and Clubs concerning data protection and images of peopleRead More
Norwich & District Photographic Society Even if you have been fortunate to see a previous Road Show, the 2019 show is full of new photographs from recent shoots and trips around the world, many of which have not been shown before. BBC Wildlife magazine said David's images were "a collection of jaw-droppingly beautiful views of some of the most spe...Read More
Sue Badger won this year's Annual Print Panel Award for her excellent architectural panel of three individual images titled 'Isle of Dogs'. Presenting the trophy to Sue the judge Brian Carlick said the overall standard throughout the competition was high with 2 or 3 panels pushing for first place Sue's panel in particular stood out and was theref...Read More


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- Police rechargeable light with hidden stunGun taser
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text: Human Rights Observatory Closure of Iconic Thai Beach a Lesson on Taming 'Instagram Tourism' Thai officials and ecologists hope a recent decision to keep the country's most iconic beach closed for another two years will prove a cautionary tale and example for other sites in the region grappling with the environmental fallout of mass tourism. "I think that we're going to see more and more of it, not just around Southeast Asia, but around the world. I think that it will definitely become a trend," said Mark Erdmann, vice president of Asia Pacific marine...Read complete article© Voice of America - Monday, May 27, 2019


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You can get the weather for wherever you want to in the UK. Enter your postcode below to personalise your weather feed.
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If you love being active and out in the fresh air, there are plenty of ways you can combine both with helping your community
Yannick Chastang on parental influence, a youthful calling and his passion for conservation
Wondering whether to enter this year's competition to find Kent's Best collectors? Take inspiration from 2018 winner Angela Clark
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Kent-based actress Pam Ferris is voicing the part of Grandma in a new adaptation for TV this Christmas of a children's classic. Words by: Sarah Sturt. Pictures: Channel 4 Television
Kent Life looks at the contribution ellenor makes to patient care at Christmas, in the hospice and through its community palliative care teams
Kent Life meets three families with young children being supported by the hospice charity ellenor
Rural communities throughout the UK could be eligible to receive funding via the Calor Rural Community Fund from energy provider Calor
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Kent Life's chosen charity ellenor gives vital care in all settings for babies, children and adults and it's reliant on your continuing generosity to be able to continue to help thousands of families facing terminal illness in Kent each year
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Print Edition - 2018-01-26 | National News Digest
Nepal wishes India a happy Republic Day
-, Kathmandu
Jan 26, 2018-
President Bidya Devi Bhandari, Vice President Nanda Bahadur Pun and Prime Minister Sher Bahadur Deuba have extended messages of congratulations to President of India Ram Nath Kovind, Vice President M Venkaiah Naidu and Prime Minister Narendra Modi on the occasion of the 69th Republic Day of India. The occasion is marked every year on January 26 to honour the date on which the Constitution of India came into effect in 1950. In their separate messages, President Bhandari, Vice President Pun and PM Deuba have extended their best wishes for good health and happiness of their Indian counterparts as well as for continued peace, progress and prosperity of the people of India, the Foreign Ministry said in a statement. They have also expressed confidence that the bilateral ties between Nepal and India will consolidate further in the days ahead. (PR)
Published: 26-01-2018 07:56
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