온라인 게임시장은 무엇보다 사용자들의 이용패턴을 활용하는 것이 중요하며, 게임 이용자 분류 연구를 통해 이용패턴을 파악하고자 하는 연구가 최근 수행되고 있다. 이용자들이 실제 게임을 이용한 결과를 통해 사용패턴, 이용자 패턴을 함께 고려하여 활용한다면 온라인 게임 시장의 세분화(시기, 이용자특성등)가 기존 온라인 게임 시장의 성공요인으로 역할을 할 것이다. 또한, 각 게임이 가지고 있는 이용 패턴을 연구한다면 각 장르에 새로운 게임 출시시기를 고려하고 다양한 마케팅 캠페인 활동에 대한 최적의 시기를 선택할 수 있는 기회가 제공될 것이다. 더불어 온라인 게임 생명 주기를 가늠할 수 있는 근거 데이터로서 다른 온라인 게임이 운영정책에 따른 의사결정에 도움을 줄 것으로 기대된다. 따라서 본 연구에서는 기존 연구와는 달리 온라인 게임 시장에서 나타나는 시장점유율(Market Share) 데이터를 통해 사용자들의 이용패턴을 실증 분석하고자 한다. 이를 통해 요일효과(Week Effect)와 계절효과(Seasonal Effect)를 측정함으로서 각 게임들이 나타내는 이용패턴을 시계열(Time series) 측면으로 활용될 수 있는 기준으로 활용될 수 있을 것이다.

Past literatures have not studied the impact of real-world events or information on the return and volatility of virtual currencies, particularly on the COVID-19 event, day-of-the-week effect, daily high-low price spreads and information flow rate. The study uses the ARMAGARCH model to capture Bitcoin’s return and conditional volatility, and explores the impact of information flow rate on conditional volatility in the Bitcoin market based on the Mixture Distribution Hypothesis (Clark, 1973). There were 3,064 samples collected during the period from 1st of January 2012 to 20th April, 2020. Empirical results show that in the Bitcoin market, a daily high-low price spread has a significant inverse relationship for daily return, and information flow rate has a significant positive relationship for condition volatility. The study supports a significant negative relationship between information asymmetry and daily return, and there is a significant positive relationship between daily trading volume and condition volatility. When Bitcoin trades on Saturday & Sunday, there is a significant reverse relationship for conditional volatility and there exists a day-of-the-week volatility effect. Under the impact of COVID-19 event, Bitcoin’s condition volatility has increased significantly, indicating the risk of price changes. Finally, the Bitcoin’s return has no impact on COVID-19 events and holidays (Saturday & Sunday).

This study investigates daily stock market anomalies in Chinese stock market, using nine most representative stock indices over an eleven year time period spanning from pre-financial crisis era to six years into the financial crisis. This research is the first to test the presence of the day of the week effect on stock returns in the Chinese stock exchanges during the financial crisis. We find that the day of week effects have been strongly significant in Chinese stock exchanges since 2004. However, unlike the previously found negative Monday effect and positive Friday effect in the U.S., Chinese stock market shows positive returns on Mondays and negative returns on Tuesdays. More importantly, the negative Tuesday effect is only significant after the inception of financial crisis. The results indicate a positive effect on Mondays and a negative effect on Thursdays. More importantly, we find a negative Tuesday effect during the financial crisis, which suggests a spillover of the Monday effect from the U.S. stock market. Our results shed some light on the degree of market efficiency in the largest emerging capital market in the world, and its increasingly close relationship with the U.S. capital market