$R_t={\alpha }_1+{\beta }_1{D}_{1t}\left(\text{Tue}\right)+{\beta }_2{D}_{2t}\left(\text{Wed}\right)+{\beta }_3{D}_{3t}\left(\text{Thu}\right)+{\beta }_4{D}_{4t}\left(\text{Fri}\right)+{\epsilon }_t$ (1)

Variable

Coefficients

Standard Error

t-statistics

probability

Intercept ( ${\alpha }_1$ )

0.060679

0.055734

1.088726

0.2764

Tuesday ( ${\beta }_1$ )

−0.04244

0.078759

−0.53881

0.5901

Wednesday ( ${\beta }_2$ )

0.02326

0.07867

0.295669

0.7675

Thursday ( ${\beta }_3$ )

−0.03467

0.07897

−0.43905

0.6607

Friday ( ${\beta }_4$ )

0.001697

0.079124

0.021442

0.9829