摘要： The study examined the day of the week effect on the Zimbabwe Stock Exchange (ZSE). The objective of the study was to relate the overall stock market returns to the individual returns of trading days (Monday, Tuesday, Wednesday, Thursday and Friday). The aim was to establish whether returns of trading days were statistically different from each other. The ordinary least square regression model was used to model the returns. The study focussed on ZSE stocks with data from 19 February 2009 when the ZSE started to trade in United States dollars to 31 December 2013. A total of 62 stocks were used in this study. These stocks constitute the Industrial and Mining indices. Industrial and mining indices data were also utilised in the modelling exercise. Data was obtained from the ZSE website and other secondary data were sourced from journal articles, papers and reports. Data analysis was done in EViews 7. We found little presence of day of the week effect, about 26% of the stocks had significant positive and negative returns. We conclude that the mean returns of the stocks on the ZSE under the study period do not vary across trading days at the 5% level of significance.
