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Daylight Saving Time and Stock Market Returns: Evidence from the Visegrad Group
Kúdeľa, Peter ; Havránková, Zuzana (advisor) ; Novák, Jiří (referee)
Do investors make bad decisions following the clock change? If so, there would be traces of such anomaly in market data. In this thesis, we investigate these traces focusing on the stock markets of the Visegrad Group, known to be pre- vailingly illiquid. We combine the most recent financial data with the ARIMA- GARCH framework while employing brand-new Bayesian techniques. Using several robustness checks, we show that such e ect cannot be traced in these markets. While we do not claim to challenge the seminal works in this field, we do support the evidence that the e ects of daylight saving policy do not pertain to less liquid markets. JEL Classification C11, G12, G14, G41 Keywords daylight saving time, market anomaly, Visegrad Group, Bayesian analysis Title Daylight Saving Time and Stock Market Re- turns: Evidence from the Visegrad Group
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Does Daylight Saving Time Save Energy? Evidence from the Czech Republic
Častorálová, Lucie ; Havránková, Zuzana (advisor) ; Kopečná, Vědunka (referee)
A b s tra c t The recent discussion of the European Parliam ent, member states, and citizens triggered the question whether there is s till a need for bi-annual clock shifting from the perspective of energy savings. Employing the difference-in-differences method on hourly data on electricity consumption between 2006 and 2017, the study con cludes th a t daylight saving tim e policy reduces aggregate electricity consumption by 0.35 % in the Czech Republic. Moreover, daylight saving tim e leads to 1% savings on domestic residential electricity consumption. Overall, daylight saving tim e increases electricity consumption in the morning, bu t decreases electricity consumption in the evening by greater amount. We have estimated th a t more than 65 % of to ta l electricity savings attributable to daylight saving tim e arose from effect of the daylight saving tim e on residential electricity consumption. 1
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Does Daylight Saving Time Save Energy? Evidence from Slovakia
Kúdeľa, Peter ; Havránková, Zuzana (advisor) ; Valíčková, Petra (referee)
This thesis studies the impact of the daylight saving time (DST) on electricity consumption in Slovakia in the period between April 2010 and July 2017. Re cently the relevance of the DST policy has been questioned by the European Parliament which calls on the revaluation of the policy. Research conducted in other countries has suggested that in some countries the DST might be an out dated or not suitable policy. To determine the magnitude and the direction of the effect in Slovakia difference-in-difference estimation is used. Relevant fac tors are controlled for (e.g. price, weather, seasonality). The lack of the control group is solved by using ''equivalent day normalization" technique. The results suggest yearly overall savings in electricity consumption due to the DST pol icy to range between 1.27% and 1.56% which, given the price levels in 2016, amounts from 6.3 to 7.8 million Euros. DST is estimated to cause the highest energy savings during the peak of electricity consumption which occurs in the early evening hours. On the other hand, during the late evening hours the DST seems to increase the electricity consumption which partially mitigates the overall savings. JEL Classification Keywords Author's e-mail Supervisor's e-mail C51, H77, Q48 daylight saving time, difference in difference,...
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Does Daylight Saving Time Save Energy?: A Meta-Analysis
Herman, Dominik ; Havránek, Tomáš (advisor) ; Zeynalov, Ayaz (referee)
Daylight saving time energy savings have always represented a contentious topic requiring empirical evidence for, or against. Unfortunately, as the conclusions are miscellaneous-without an evident pattern of heterogeneity occurrence-insisting on particular case studies and narrative literature reviews seems to be insufficient. In this thesis, set of various studies concerning the effect of daylight saving time on energy savings is examined through meta-regression analysis to provide an accurate estimate of the effect corrected from publication bias, and other distorting and deflecting effects. We find that the mean reported estimate in the literature suggests 0.3% energy savings; our results suggest no signs of publication bias. On the contrary, the study design turned to be a substantial determinant of the primary literature findings. The thesis provides a unique overview for this is the first meta-analysis conducted on the daylight saving time energy savings. Powered by TCPDF (www.tcpdf.org)
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What are the costs and benefits of daylight saving time?
Kožušková, Kateřina ; Bartoň, Petr (advisor) ; Schwarz, Jiří (referee)
Daylight saving time (DST) was implemented with purpose to maximize use of daylight and thereby reduce electricity consumption used for lighting. This policy would primarily affect energetics, however its influence was shown in many other areas. The thesis contains general assumptions of daylight saving time impact on electricity consumption and the main goal of the thesis is to identify with the natural experiment whether the extension of daylight saving time till the end of October occuring in Czech republic in 1996, led to savings of electricity consumption. Observed period is September and October between years 1993 and 1998. First, the difference in consumption between days with DST and without DST is investigated. On days with DST the consumption was lower than on days without DST. The two other regression analysis are devoted to the effect of the introduction of DST in October. First, the analysis included both observed months, the effect of extending daylight saving time however was not demonstrated. Further, October as itself is analyzed. October consumption was reduced by approximately 2,4 % in three years after the introducion of DST, compared with three previous years, when DST was not implement in this month.
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