Earticle

계절적 정서장애(SAD) 회복 기간과 주말 휴일 직전 거래일(보통 금요일)에 무드와 주식수익률 간의 긍정적인 상관관계는 무드효과 로 잘 알려져 있다. 전자는 4월효과, 후자는 주말효과라고 한다. 더불어 투자자의 자기과신은 투자수익률을 감소시키는 편향으로 주목 받아 왔다. 본 연구는 무드효과와 자기과신편향이 주식수익률에 미치는 직접적, 간접적 영향을 분석하였다. 주식수익률은 2015년 2월 부터 2021년 1월까지 테헤란증권거래소의 TEDPIX 동일 가중지수로부터 산출되었다. 낙관적 무드의 정량적 대리변수로 4월(SAD 회 복 기간)과 수요일(주말효과; 이란에선 수요일이 금요일 해당), 자기과신의 대리변수로 거래회전율이 사용되었다. 세 가지 가설을 다중 회귀분석으로 검증한 결과, SAD 회복으로 인해 낙관적 무드가 지배하는 4월의 평균 주식수익률이 다른 달들의 평균 수익률보다 월등 히 높았다. 또한, 거래회전율(자기과신)이 높을수록 주식수익률은 감소하는 경향이 나타났지만, 자기과신이 무드와 주식수익률 간의 관계를 매개하는 역할(자기과신의 매개효과)은 관찰되지 않았다. 오히려 4월에 자기과신과 주식수익률의 통계적 연관성이 유의한 양의 관계로 바뀌었다. 무드의 조절효과가 작용했다는 의미다. 통계적으로 유의한 주말효과는 관찰되지 않았다. 오히려 한 주를 시작하는 날(보통 월요일; 이란에서는 토요일)의 주식수익률이 다른 요일에 비해 월등히 높았다. 본 연구의 결과는 투자자가 비정상이익을 얻을 수 있는 투자 타이밍을 분별하도록 도울 뿐만 아니라 무드와 자기과신의 부정적 영향으로부터 자유로운 투자 포트폴리오 구성에 이바 지할 것으로 기대된다.

Existing research has documented a positive correlation between mood and stock returns during the recovery period from seasonal affective disorder (SAD) and on the last working day before the weekend. These phenomena represent two different types of mood effect known as April effect and weekend effect, respectively. Prior studies have also reported that investor overconfidence negatively influences investment returns. This study aims to analyze the impact of these two major behavioral traits - mood and overconfidence - on stock returns simultaneously. Specifically, we investigate the mediating effect of overconfidence on the good mood-stock return relationship and the moderating effect of mood on the overconfidence-stock return relationship as well as the mood and overconfidence effects. To this end, we develop and test three hypotheses with the multiple regression analysis. Stock returns are computed by using daily index numbers of the TEDPIX equal-weighted index, the Tehran Stock Exchange’s main index from February 2015 to January 2021. April (recovery period from SAD) and Wednesday (weekend mood; Wednesday represents Friday in Iran) are employed as proxies for positive mood, while turnover rate manifests overconfidence. The results show that positive mood elevated during the offset period of SAD (April) has a positive correlation with stock returns. Overconfidence lowers stock returns but the mediating effect of overconfidence is not supported. The negative effect of overconfidence on stock returns, however, turns positive in April. These findings together confirm the expected effects of mood and overconfidence on stock returns and discover unexpected moderating effect of good mood on the overconfidence-stock return relationship. No weekend effect is detected in the Iranian market. Rather, an early-in-the-week effect is observed. The empirical evidence is expected to help investors to form portfolios, which are immune to the influences of mood and overconfidence bias, as well as provide them with an investment strategy to time the market and earn abnormal returns.

본 연구의 목적은 가나증권거래소 종합지수를 바탕으로 가나 증권 시장에서 주말 효과 및 1월 효과가 나타나고 있는지를 분석하고자 하는 것이다. 이를 위해 가나 증권시장에 상장된 기업을 대상으로 2005년 1월 4 일부터 2013년 12월 31일까지 9년간의 일별종가와 종합지수를 나타내는 ASI 및 CI를 토대로 회귀분석을 이용하여 두 효과를 검증하였다. 회귀분석 결과에 따르면 가나 증권 시장에서는 주말효과가 나타나지 않아 선행 연구 결과와 다르게 나타났으며 이는 연구기간과 연구 자료가 다르기 때문인 것으로 사료된다. 월간효과의 회귀 분석 결과, ASI가 사용된 2005년부터 2010년까지 6년의 기간 전체를 대상으로 분석한 결과 4월 효과가 나타났으며, ASI가 사용된 기간을 3년을 기준으로 두 개의 기간으로 구분하여 분석한 결과 2005년부터 2007년까지의 기간은 4월 효과가 보이지 않지만 2008년부터 2010년까지 기간의 경우에는 4월 효과가 나타났다. CI가 사용된 2011년부터 2013년까지 기간의 경우에는 1월 효과가 존재하는 것으로 나타났다.

The aim of this study is to analyze the Weekend and January effect in the Ghana Stock Exchange (GSE) using daily closing prices of GSE-All Share Index (ASI) and Composite Index (CI) between the period of January 4th, 2005 and December 31st, 2013. The dataset covers the period of 2005 to 2010 (6 years) for the ASI and 2011 to 2013 (3 years) for the CI. The following results are obtained based on a parametric regression using dummy variables. First, no weekly effect or anomaly is documented for both GSE-ASI and GSE-CI. Second, market abnormalities are captured for both GSE-ASI and GSE-CI over their respective entire periods. However, no consistent April effect is found for ASI when the period was segregated into two periods of three years. The April effect is uncovered for the GSE-ASI at 5% significant level while the January effect is found for the GSE-CI at 1% significant level.

The purpose of this study is to analyze effects of participation after school sports and weekend sports on sport we-ness and self-efficacy of the elementary school children. The subjects in this study were 211 students from D elementary school and S elementary in Gang Won-Do. The instrument for data collection was a questionnaire in which we-ness scale as identified by Kang(2007) and self efficacy scale as identified by Han(2009). Data analyses consisted of frequency analysis, reliability analysis, confirmatory factor analysis, independent t-test and one-way ANOVA used SPSS 15.0 and AMOS 7.0 version. The following results were obtained: First, there were not significant differences in we-ness and self-efficacy between grade of elementary school students . Second, there were significant differences in we-ness and self-efficacy between participation after-school sports and weekend-sports or non-participation after-school sports and weekend-sports of elementary school students. Third, there were partially significant differences in we-ness and self-efficacy among participation period after-school sports and weekend-sports of elementary school students.

This paper examines the stock markets o f eight European countries for recent evidence o f a weekend effect where Monday s return is significantly less than the re. ·t o f the week. We further decompose daily returns into non-trading periods (close-to-open) and trading periods (open-to-close) and test those return series using both parametric and non-parametric tests to address methodological problems identified in earlier studies. While are unable to find a weekend effect in European stock markets. While one major study uncovered a unique twist to the weekend effect in non-trading returns in the US stock market. we find no such unique twist tn the European stock markets.

This study analyzes the characteristics of ozone weekend effect(OWE) in Busan. $O_3$ concentration on Sunday was over 10% higher than that on weekdays in all areas except for Kwangbokdong, Taejongdae, and Joadong. Such a difference was higher in the industrial area than in the residential area. $O_3$ generation was facilitated by the decrease in $NO_X$ emission on Sunday in VOC-limited regime where the VOC/$NO_X$ ratio is low. Low NO concentration in the Sunday morning decreased inhibition of $O_3$. NO-$O_3$ crossover time on Sunday was shorter than that on weekdays which in turn extended the accumulated duration of $O_3$. Future studies can include whether the entire Busan is VOCS-limited or the coastal area is VOCS-limited while the inland area is $NO_X$-limited.

This study investigated the effects of influencing factors on the sales volume of apparel products. Based on previous studies, weekend effect, discount rate, and meteorological factors including daily average temperature, rainfall, sea level pressure, and fine dust were selected as independent variables to calculate their effects on sales quantity of apparel products. The daily sales data during 2015 - 2016 were collected from casual brands and outdoor brands which "A" apparel manufacturing company had operated. The actual data of "A" company were analyzed using SAS(R) 9.4 and SAS(R) Enterprise Miner 14.1. The results of this study were as follows: First, the influencing factors on total sales volume of apparel products were proved to be the weekend effect, discount rate, and fine dust. Second, the analysis of influencing factors on sales volume of apparel products according to season showed: 1) In casual brands, the average temperature had a significant influence on the sales volume of spring/summer products, and the sea level pressure affected the sales volume of summer/fall/winter products significantly. 2) In outdoor brands, the average temperature and the fine dust had a significant influence on the sales volume of all season's products. The sea level pressure affected the sales volume of summer/fall/ winter products significantly. The weekend effect and the discount effect affected the sales volume of apparel products partly. Third, the effect of rainfall was not proven significant, which was different from the results of past studies.

본 연구는 Kaplan & Kaplan(1989)의 주의회복이론(Attention Restoration Theory)에 따라, 주말 여가환경의 회복환경으로서 4가지 요건(벗어남, 매혹감, 확장성 및 일관성, 적합성 및 이해 용이성)에 대해 여가활동의 주체가 느끼는 지각정도가, 월요일 직무소진에 어떠한 영향관계를 미치는가를 알아보기 위한 목적으로 진행되었다. 수도권 직장인 200명을 대상으로 월요일 세 차례 설문조사를 실시하여 수집된 유효표본 172에 관해 SPSS 18.0 통계 프로그램을 활용하여 분석했으며, 빈도분석을 통해 인구통계학적 특징을 파악했고, 내적 일관성(Internal Consistency Method)을 파악하기 위해 Cronbach's Alpha 계수를 사용하여 신뢰도분석을 했다. 타당도분석을 위해 선행연구의 검증된 요인수를 근거로 고정된 요인수를 바탕으로 탐색적 요인분석을 실시했다. 여가공간유형별 직장인들의 월요일 직무소진에 어떤 차이가 있는지 알아보기 위해 t-test와 일원분산분석을 진행했고 여가환경의 회복환경지각 정도와 월요일 직무소진에 미치는 영향을 파악하기 위해서는 회귀분석을 실시했다. 분석결과 첫째, 여가환경을 구성하는 요소간의 일관성 있는 구성과 짜임새를 의미하는 ‘확장성 및 일관성’에 대한 환경지각은 월요일 직무상에 ‘개인적 성취감’과 유의적 관계가 있다고 검증되었다. 반면, 일상과 거주지로부터의 ‘벗어남’과 인간과 환경의 상호작용인 ‘적합성 및 이해용이성’에 대한 환경지각은 주말 여가환경과는 달리 월요일 직장환경에서 오는 환경적 괴리현상에 기인하여 ‘냉담’ 같은 소진 현상과 유의한 관계로 나타났다. 한편, 인조 공간보다 자연 공간에서 여가를 보낸 직장인이 더욱 개인적 성취도 향상되는 것으로 나타났다.

The purpose of this study is to examine differences in burnout level among leisure environments/spaces and the effect of perception of weekend leisure environment on Monday burnout. 172 available cases were used for analysis for this study, 28 cases being eliminated from raw data collected from 200 office workers in Seoul Metropolitan Area. The collected data were statistically analyzed through SPSS. 18.0. In order to achieve the goals of this study, a variety of analytic methods such as frequency analysis, factor analysis, t-test, one-way ANOVA and regression analysis were conducted. According to the results, there are significant differences: 1) in ‘depersonalization’ and ‘personal accomplishment’ between indoor and outdoor leisure environments/spaces; 2) in ‘personal accomplishment’ between natural and artificial environments/spaces; 3) in ‘depersonalization’ among natural indoor, natural outdoor, artificial indoor and artificial outdoor environments/spaces. In detail, ‘depersonalization’ occurred more often in natural outdoor than in natural indoor environments/spaces. From the findings, it is showed that ‘coherence’ has an effect on ‘personal accomplishment’ and also ‘being away’ and ‘compatibility’ have an influence on ‘depersonalization’.

우리나라 10대 청소년의 여가행태는 매우 열악한 실정이다. 이를 개선하기 위해서는 청소년의 유입이 많은 지역을 밝히고, 해당 지역의 특성에 대한 이해가 필요하지만 관련 연구는 매우 부족한 실정이다. 이에 본 연구는 지역 특성이 10대 청소년의 주말 유입량에 미치는 영향을 분석하는 것을 목적으로 한 다. 본 연구의 공간적 범위는 서울시이며, 시간적 범위는 2017년 이다. 통신이동데이터 자료를 이용 하여 행정동별 유입량을 산출하고, 유입량을 종속변수로 하는 다중회귀분석을 실시하였다. 연구의 결 과는 다음과 같다. 첫째, 10대 청소년의 유입이 많은 지역은 서초, 강남, 영등포 등의 대표적인 도시 중심지역으로 나타났다. 둘째, 토지이용특성 중 평균 공시지가와 상업용 건축물 연면적은 두 연령층 모두 양의 영향을 미쳤으며 녹지율은 10대 청소년에게만 음의 영향을 미쳤다. 셋째, 교통특성의 버스 정류소는 모든 모형에서 양의 영향을, 지하철역은 방학시기에만 양의 영향을 미쳤다. 넷째, 세부시설 특성변수들 중, 두 연령층 모두에게 제과점과 편의점이 양의 영향을, 커피숍이 음의 영향을 미쳤다. 주 요공원과 노래연습장은 10대 청소년에게만 양의 영향을, 공공체육시설은 나머지 연령층에게만 양의 영향을 미쳤다.

The leisure behavior of teenagers in Korea is very poor. In order to improve this, it is necessary to identify an region with a large inflow of teenagers and to understand the characteristics of the region. However, studies related to this are very insufficient. The purpose of this study is to analyze the effect of regional characteristics on the weekend inflow of teenagers. The spatial scope of this study is Seoul, and the temporal scope is 2017. The inflow for each administrative dong was calculated using the mobile movement data, and multiple regression analysis was performed using the inflow as the dependent variable. The results of the study are as follows. First, the regions with a large influx of teenagers were found to be representative urban centers such as Seocho, Gangnam, and Yeongdeungpo. Second, among the land use characteristics, the average official land price and the total floor area of commercial buildings had a positive effect on both age groups, and the green area ratio had a negative effect only on teenagers. Third, the bus stop of the traffic characteristics had a positive effect in all models, and the subway station had a positive effect only during the vacation period. Fourth, among detailed facility characteristic variables, bakery and convenience store had a positive effect and coffee shop had a negative effect on both age groups. Major parks and karaoke had a positive effect only on teenagers, and public sports facilities had a positive effect only on the rest of the age group.

본 연구의 목적은 중년기의 가족여가로서 주말활동과 일상의 차와 커피 음용이 가족건강성에 미치는 영향을 규명하고, 주말가족활동과 가족건강성 사이에서 발휘되는 일상의 차와 커피 음용의 매개효과를 검증하는 데 있었다. 이를 위해 2018년 4월 20일부터 4월 30일까지 40-64세의 기혼남녀를 대상으로 설문지 조사를 실시하였고, 최종적으로 339명의 자료를 활용해 3단계 매개회귀분석을 시행하였다. 주요 연구결과를 요약하면 다음과 같다. 첫째, 주말가족활동은 일상의 차와 커피 음용에 유의미한 영향을 미쳤고 이로써 1단계 준거가 충족되었다. 둘째, 주말가족활동은 가족건강성에도 유의미한 영향을 미쳐 2단계 준거 역시 충족하였다. 셋째, 주말가족활동과 일상의 차와 커피 음용을 동시에 투입한 결과, 일상의 차와 커피 음용은 가족건강성에 대해 유의미한 영향을 미치고 주말가족활동의 영향은 일부 감소하여 일상의 차와 커피 음용이 부분 매개효과를 발휘하는 3단계 준거가 충족되었다. 결론적으로 가족 일상의 차와 커피 음용은 주말가족활동과 더불어 가족건강성에 유의미한 영향을 미치는 변인이자 주말가족활동과 가족건강성을 중개하는 매개변인으로 역할을 수행할 수 있다. 앞으로 가족여가로서 일상의 차와 커피 음용을 보다 활성화하여 다양한 주말가족활동의 이행과 상호보완을 이루도록 한다면 중년 세대들의 건강한 가족의 삶을 확장하는 데 기여하게 될 것이다.

The purpose of this study was to investigate the effects of weekend activity and daily tea and coffee drinking on family health as middle-aged family leisure, and to examine the mediating effects of daily tea and coffee drinking between weekend family activity and family health. For this purpose, a questionnaire survey was conducted for married men and women aged 40-64 years from April 20 to April 30, 2018. A three-step mediation regression analysis was conducted using 339 data. The main study findings are summarized as follows. First, weekend family activity (independent variable) had a significant effect on daily tea and coffee drinking (parameter), and the first stage criterion was satisfied. Second, weekend family activity (independent variable) also had a significant impact on family health (dependent variable), meeting the criterion of the second stage. Third, as a result of injecting weekend family activity (independent variable) and daily tea and coffee drinking (parameter) at the same time, the daily tea and coffee drinking had a significant effect on family health, and the effect of weekend family activity was partially reduced. Thus, the third stage of the criterion for the partial mediating effect of daily tea and coffee drinking was met. In conclusion, middle-aged family’s daily tea and coffee drinking can have a significant effect on family health with weekend family activity. In addition, the family’s daily tea and coffee drinking can play the role of a mediator between weekend family activity and family health. In the future, it will contribute to the expansion of the healthy family life of the middle-aged generation if the daily tea and coffee drinking as family leisure is more active and complementary with various weekend family activities.