Research on the weekly fluctuation in people’s satisfaction has produced mixed results about the nadir of levels of satisfaction in different countries. This paper uses a Hungarian household survey with approximately 3400 individual observations. The fluctuation in satisfaction over the course of the week is assessed according to the day on which the personal interview was conducted during a six-week period of fieldwork. The analysis investigates the extent to which this is the result of a random process. Unlike previous analysis, the nadir in satisfaction (in Hungary) is found to occur midweek. This is explained as being related to workload. The results are robust after controlling for the interviewers’ unobserved characteristics or the hour of completion of the interview. Modification in workdays owing to national holidays did not alter the results. The results reveal which social groups are especially vulnerable to fluctuations in satisfaction. This could have practical consequences for a more efficient work-life balance. The paper suggests questions for future research, which in particular should seek to understand differences between nations in terms of the nadir of satisfaction and to find a solution to the self-selection problem that may result in an underestimation of the true size of the weekly nadir.
Research background: A current strand of the financial literature is focusing on detecting inefficiencies, such as the day-of-the-week effect, in the cryptocurrency market. However, these studies are not considering that there are no daily closes in this market, and it is possible to trade cryptocurrencies on a continuous basis. This fact may have led to biases in previous empirical results. Purpose of the article: We propose to analyse the day-of-the-week effect on the Bitcoin from an alternative perspective where each hourly data in a day is considered an event. Focusing on that objective, we employ hourly closing prices for Bitcoin which are taken from the Kraken exchange, one of the world leading exchanges and trading platforms in the cryptocurrency markets, for the period spanning from January 2016 to December 2021. Methods: Contrary to the previous empirical evidence, we do not calculate daily returns, but rather the first stage of our proposed approach is devoted to analysing the hourly mean returns for each of the 24 hours of the day for each day of the week. We look for statistically significant hourly mean returns that could advance the importance of the hourly differentiation in the Bitcoin market. In a second stage, we calculate different post-event cumulative returns which are defined as the change in log prices over a time interval. Finally, we propose different investment strategies simply based on the significant hourly mean returns we obtain and we evaluate their performance in terms of the Sharpe ratio. Findings & value added: We contribute to the debate about the degree of Bitcoin's market efficiency by providing an alternative methodology based on an event study hourly approach. Furthermore, we provide evidence that by investing in different post-event hourly windows it is possible to outperform the classic buy-and-hold strategy.
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