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These no order overnight phentermine prescription include a day of the week effect, where returns on some trading days are higher than others; a January effect, with returns much higher than in any other month; a holiday effect, where equity returns are higher on trading days prior to public holidays; a turn of the month effect, when returns are higher on the last trading day of the month; and a Friday the 13th effect, where returns are lower than on other Fridays. There are all sorts of explanations for these no order overnight phentermine prescription, too numerous to canvass here. In an efficient market you would think such no order overnight phentermine prescription would be traded away, but they persist. Economists have also become more interested, particularly since the advent of behavioural economics, in the economic effects of sporting events on share prices and the economy. One finding of particular interest to Victorians, whose governments throw away many, many millions of taxpayers' dollars on tedious spectacles such as the Commonwealth Games and the Formula One Grand Prix, is that such events rarely yield the wider economic benefits politicians claim for them. The Cup may be an exception. And a paper published in the August issue of the US Journal of Finance, called Sports Sentiment and Stock Returns, by Alex Edmans, Diego Garcia and Oyvind Norli, finds that there are significant declines in equity prices after a national team loses a major international sporting event. The study is based on soccer, because it provides the greatest volume of data, but it also looks at more interesting sports, for example cricket, and finds a similar effect on share prices. Interestingly, there is no matching positive effect when teams win. In the case of the Melbourne Cup effect, however, it doesn't seem to matter who wins or loses, the running of the Cup is what counts. Drawing on all this earlier work, Worthington applies econometric techniques to isolate the impact of the Cup from the other stock market no order overnight phentermine prescription, such as the day of the week effect, mentioned earlier. He studies closing prices on the Australian Stock Exchange over the 45 years from January 3, 1961 to December 30, 2005 11,327 trading days. And what does he find? Stock market returns on Melbourne Cup day are not only significantly higher than on any other Tuesday in November, but also higher than on any other Tuesday of the year. They are also higher than Monday, Wednesday, Thursday and Friday returns throughout the year, and less volatile. In short, the Melbourne Cup is associated with abnormally high returns on the Australian stock exchange. On Melbourne Cup day in 2005 alone, the Cup was associated with abnormal gains of more than $2 billion. Why? Worthington canvasses some possibilities. Does the willingness to bet on the Cup, with more than 80 per cent of Australians having a bet in some form, make them more willing to have a punt on pursuits other than the equine? Does the national exuberance, where everyone seems to back the winner, or at least thinks they will, translate into a general feeling of hopeful expectation that spills on to the stock exchange? He doesn't know the answer. Perhaps it's all of the above. Will today be different? Will the general expectation of a rate rise tomorrow dampen the normal euphoria and override the fantastic Melbourne Cup day effect on share prices? If efficient market theory is right, a rate rise should already be priced into the market and share investors can give free rein to their usual champagne fuelled exuberance. ... no order overnight phentermine prescription