Nevertheless, the closed-market hypothesis is supported by the evidence on
Table 6.4, in which the daily returns are decomposed into trading time and non-
trading time returns. The phenomena of low and negative non-trading time (from
Thursday market close to Friday market open) returns and significant positive
trading time returns on Friday (from market open to market close on Friday)
illustrates that the good feeling of share traders rise gradually in the working hours
of Friday before the market closure. On the other hand, the positive non-trading
time (from Friday close ...
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