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

Variable

Coefficients

Standard Error

t-statistics

probability

Intercept ( ${\alpha }_1$ )

0.079274

0.066215

1.197225

0.2313

Tuesday ( ${\beta }_1$ )

−0.03901

0.093571

−0.41689

0.6768

Wednesday ( ${\beta }_2$ )

−0.004

0.093465

−0.04278

0.9659

Thursday ( ${\beta }_3$ )

−0.09417

0.093822

−1.00366

0.3156

Friday ( ${\beta }_4$ )

−0.06328

0.094004

−0.67321

0.5009