  537

.3.3   

       . 17.1265.  -
   ,          -
  ;         
       .   
.     TOPIX,      
    .   -  Nikkei Dow,   -
 225  ,    ;   -
     Dow Jones Industrial Average.

 , ,  ,    ,
    (. . 17.9  )66.  ,   
  ,    .        ,
     .      -
   ,         
.  ,        -
 ,  .        -
 ,    67.

      

      ( %)

							.- 	
			.	.-.			-.	
.	1952-1980 .,	EW	7,1	1,4	6,7	2,8	1,3	1,5
.	1952-1980 .,	VW'	4,5	1,2	3,3	2,5	1,1	1,4
.	1959-1979 .,	VW"	3,5	0,7	2,8	2,1	0,5	1,6

'  : Kiyoshi Kato and James S. Schallheim, Seasonal and Size Anomalies in the
Japanese Stock Market, Journal of Financial and Quantitative Analysis, 20, no. 2 (June 1985), p. 248.
"  : Mustafa N. Gultekin and Bulent Gultekin, Stock Market Seasonality:

International Evidence, Journal of Financial Economics, 12, no. 4 (December 1983), p. 475.

11111^11!1
"  "     ( %)
			 			
.	1970-1983 .,					
	Nikkei Dow'	-0,02	-0,09 0,15	0,03	0,06	0,12
:	1970-1983 .,					
	Topix	-0,01	-0,06 0,12	0,03	0,06	0,10
:	1978-1987 .,					
	Topix6	0,00	-0,09 0,14	0,06	0,10	0,14

"  : Jeffrey Jaffe and Randolph Westerfield, Patterns in Japanese Common
Stock Returns: Day of the Week and Turn of the Year Effects, Journal of Financial and Quantitative
Analysis, 20, no. 2 (June 1985), p. 263.

'  : Kiyoshi Kato, Sandra L. Schwartz, and William T. Ziemba, Day of the
Week Effects in Japanese Stocks, in Japanese Capital Markets, Edwin J. EIton and Martin J. Gruber,
eds. (New York: Ballinger, 1990), p. 253.