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To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jbankfin.2007.03.005 Byline: Mei-Chu Ke (a), Yi-Chein Chiang (b), Tung Liang Liao (c) Keywords: Day-of-the-week effect; Stochastic dominance theory; Efficient set Abstract: This study uses stochastic dominance with and without risk-free assets to examine whether trading days can affect patterns of the day-of-the-week effect in the Taiwan foreign exchange market. Our results generally indicate that higher returns appear on the first three days of the week across different trading-day regimes in the Taiwan foreign exchange market, confirming day-of-the-week effect. Allocating part of investors' assets in risk-free assets is useful in distinguishing returns among weekdays for all currencies. Author Affiliation: (a) Department of Industrial Engineering and Management, National Chin-Yi University of Technology, 35, Lane 215, Section 1, Chung-Shan Road Taiping City, Taichung County 411, Taiwan (b) Department of International Trade, Feng Chia University, Taichung, Taiwan (c) Department of Finance, Feng Chia University, Taichung, Taiwan Article History: Received 26 September 2006; Accepted 19 March 2007

AbstractThis paper examines stock price behavior for all stocks listed on the Taiwan Stock Exchange during exchange holidays over 1971–2000. The results indicate significantly higher return volatility for trading time than for non-trading time. Moreover, return volatility in the trading period following bank settlement days is significantly higher than that for the benchmark portfolio. However, return volatility in the trading period following national holidays is about the same as that for the benchmark portfolio. The results are consistent with the prediction of the trading time hypothesis in that private information is generated in business hours but incorporated into stock prices in the subsequent trading period.

AbstractTo increase banking efficiency, this study presents a convenient and efficient index to evaluate a bank teller’s the performance. This work presents a teller performance analysis chart by adopting the similar methodology of Vännman (1999) and Chen et al. (2001) to compare the operation performance of bank tellers. The proposed approach enables bankers to assess individual teller performance objectively from the chart to improve both teller performance and overall quality of service.