46 however differ significantly from zero. The return was also higher when the FFE index was only held on odd weeks compared to even weeks as can be seen in Table 13.
Looking at the returns of the FFE index between the periods of 1999-2014 and 2015-2019 there is an indication that the excess returns are lower on even weeks and higher on odd weeks over the period of 1999-2014 and vice versa over the period of 2015-2019 as can be seen in Table 9, Table 10, and Table 14. The evidence are however not strong enough to be statistically significant.
47 countries. Furthermore, it could be interesting to look at the relationship between what decision was made during a monetary policy decision by the ECB and what kind of effect it has on the European equity market during odd and even weeks.
48
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