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The focus is on the seasonal affective disorder SAD hypothesis of Kamstra, Kramer and Levi (KKL). Examines the arguments advanced by KKL (2012) in their reply to the criticisms of the hypothesis raised by Kelly and Meschke (2010).

Uses a mixture of research synthesis and standard statistical analysis to investigate the reliability of the claims raised and the veracity of the statistical arguments.

The synthesis of the literature, and of the empirical models employed therein, raises questions about the validity of the SAD hypothesis.

Offers a rigorous analysis of whether there is a sound statistical basis for the SAD hypothesis which is frequently cited in the literature as support for the importance of behavioural finance.

It has been found that stock market returns vary seasonally with the amount of daylight, and they attribute this effect to seasonal affective disorder (SAD), which is a psychological condition that causes depression and heightened risk aversion during the fall and winter months. The goal of this study is to examine whether this effect also manifests itself in the pricing of initial public offerings (IPOs).

The authors conduct an empirical analysis on IPO data collected over the period 1986‐2000. Specifically, we examine potential pricing differences between IPO that go public during the fall and winter months, relative to other issues. The paper begins by exploring differences on a univariate basis (i.e. testing via t‐statistics), subsequently extending the analysis by controlling for firm and offer characteristics in a multiple regression framework.

The paper finds that IPOs experience higher levels of underpricing in both the fall and winter months and that offer price revisions are higher during the winter months. Both of these results are consistent with SAD influencing the IPO pricing process.

The results suggest that behavioral issues (i.e. the emotions of buyers) may have as much of an effect on the pricing of IPOs as more traditional characteristics. Further, the results imply that firms with flexible issuance schedules should avoid going public during months affected by SAD, thereby potentially reducing the cost of issuance.

Although social anxiety disorder (SAD) is a common mental disorder, it is often under diagnosed and under treated. The aim of this study is to assess the prevalence, severity, disability, and quality of life towards SAD among students of Jazan University, Saudi Arabia. A cross-sectional study was conducted among a stratified sample of 500 undergraduate students to identify the prevalence of SAD, its correlates, related disability, and its impact on the quality life. All participants completed the Social Phobia Inventory, Leibowitz Social Anxiety Scale, Sheehan Disability Scale, and the WHO Quality of Life – BREF questionnaire. Of 476 students, 25.8% were screened positive for SAD. About 47.2% of the students had mild symptoms, 42.3% had moderate to marked symptoms, and 10.5% had severe to very severe symptoms of SAD. Students who resulted positive for SAD reported significant disabilities in work, social, and family areas, and this has adversely affected their quality of life as compared to those who screened negative for SAD. Students reported several clinical manifestations that affected their functioning and social life. Acting, performing or giving a talk in front of an audience was the most commonly feared situation. Blushing in front of people was the most commonly avoided situation. Since the present study showed a marked prevalence of SAD among students, increased disability, and impaired quality of life, rigorous efforts are needed for early recognition and treatment of SAD.

Purpose – The purpose of this chapter is to investigate the relationship between emotion and European energy forward prices of oil, gas, coal and electricity during normal times and periods of extreme price movements.

Methodology/Approach – We use a biorhythm approach characterized by the seasonal affective disorder (SAD) variable to study the impact of emotion on energy markets. Normal times and periods of extreme price movements are approximated by OLS and quantile estimations, respectively.

Findings – We use European energy forward prices of oil, gas, coal, and electricity. European equity future index (Dow Jones Euro Stoxx 50) and euro/dollar US exchange rate are used as control variables for economic and financial environment. Estimating OLS and quantile regressions, we find that seasonal patterns have a significant impact during extreme volatility periods only. Further investigations reveal that the SAD effect is significant during periods of price decrease, but insignificant during price increase times. The out-of-sample predictive ability properties show that our “SAD model” outperforms significantly the pure “macroeconomic” one.

Originality/Value of chapter – This topic is novel in energy finance since I use psychological background theory to understand energy price dynamics. I illustrate the relevance of our approach by comparing the out-of-sample predictive ability of our model against macroeconomic one. My results could be considered to improve energy porfolio allocation.

The purpose of this paper is to determine which two dimensions of music, happy/sad or liked/disliked, have significant effects on shopping intentions, thereby providing guidance for decision‐makers in service environments.

Subjects viewed videotapes of an unfamiliar store in an experimental research design. Subjects were exposed to one of several musical treatments while viewing and were asked to speak their thoughts about the store aloud. Happy/sad musical treatments were determined through pretests while subjects' unprompted comments were used to assess like/dislike for the music. Subjects also reported intentions to shop in the stimulus store. The hypothesized model was then tested.

Happy/sad music had a significant direct effect on shopping intentions while the direct effect of liked/disliked music was marginally significant. However, the combination of the two music dimensions investigated is perhaps most noteworthy. Shopping intentions were greatest when subjects were exposed to happy music that was liked.

Only a women's clothing store service setting with a limited target market was utilized. Care should be taken when generalizing beyond this setting and subject group.

Happy music that is liked by the target market can significantly increase intentions to shop in a retail service environment.

Little research has been done investigating the effects of the affective, or happy/sad, component of music in service settings. This study helps fill that gap in the literature. In addition, studies investigating music's effects in retail environments often examine only one dimension of music. The value of assessing effects of multiple dimensions of music is demonstrated.

The subject of this paper is seasonal variation in the return on stocks. The phenomenon we analyze here is known as the “Halloween effect” or the trading strategy “sell in May and go away.” The authors test the hypothesis that stock markets tend to return considerably less in the six months beginning in May than in the other half of the year. This effect has shown persistency over time and is seemingly large enough to be a candidate for economic significance.

The authors analyze monthly data from 13 countries for the period 1958–2019, using the Kruskal–Wallis test, t-test and a boot-strap based estimator. In addition, we look a sub-periods for a larger group of countries and include data on both stock returns and interest rates.

The authors find a strong seasonal effect in a large majority of the markets, with the period from November to April seeing higher returns than the other six months of the year. This result also holds for a larger sample of countries based on data from a shorter period. The effect is found to be economically significant in most countries in the sample. The authors examine one potential explanation for seasonal variation in stock returns, i.e. seasonal affective disorder (SAD). The authors find some, albeit weak, support for this hypothesis.

This paper uses a rich dataset that has not been used for this purpose before and robust tests of statistical and economic significance to shed light on an important aspect of global financial markets.

Dissertations from the University of Novi Sad (UNS) are integrated with the research information system called the current research information system (CRIS) UNS. This paper aims to present a proposal for an extension of this system to enable the storage of student papers as prescribed by PhD study exam obligations. The proposed extension enables preservation and improves discoverability of scientific and technical works produced by students during their PhD studies.

An analysis of examination modes in accredited PhD study programs has been conducted. It was noted that students in examination modes verify the obtained results in the form of scientific and technical work. The main idea of this paper is to enable the preservation of those student results and to implement electronic services for retrieving those results by current and future PhD students to empower the development of science.

The proposal includes an extension of the CRIS UNS to store and publish student papers as prescribed as a PhD study exam obligation; an extension of the CERIF data model to enable storing of student papers; cataloguing student papers in the MARC 21 format; and a way to represent student papers in the Dublin Core format.

This paper can be a starting point for initiatives for the creation of institutional, regional, national and international Web portals for searching and browsing papers by PhD students.

This system offers the improvement of cooperation between PhD students from different institutions and countries.

The paper presents an extension of institutional, national and international current research information system (CRIS) systems which will enable the preservation and improve discoverability of student papers produced during PhD studies. The proposed extension has been verified by its implementation within the CRIS UNS system, which also supports monitoring of the scientific competencies of students based on an automatic evaluation of published scientific results.

The purpose of this paper is to show how sonic logos, despite their brief exposure time, resonate with consumers’ emotions and attitudes in a manner that until now has been attributed to only longer background music in advertising. The moderating role of sonic logo placement within the ad (beginning versus ending) and the mediating role of emotion felt after exposure to the brand and advertisement are also explored.

An expansion on sonic logo research is completed through two experiments testing nine hypotheses. A pretest is also conducted to create two orthogonal sonic logos (sad sonic logo and happy sonic logo) which are then used in the two experiments.

Participants had higher attitude scores for an advertisement that had a happy sonic logo over the ad that had a sad sonic logo. These consumer attitudes are mediated by emotion felt because of the exposure to the brand and advertisement and are moderated by placement of the sonic logo within the ad. Placement drove more positive consumer attitudes of a sad sonic logo at the beginning and a happy sonic logo at the end of the advertisement.

Given the short nature of a sonic logo, sonic logo placement in the advertisement is shown to change consumer perceptions. This effect uncovers an important aspect of placement of the sonic logo in the advertisement which gives practitioners a means of application. Furthermore, consumer emotions drive these strong attitudes despite the short exposure times of the sonic logo.

This paper expands upon the limited sonic logo research and shows how the short exposure time of a sonic logo can have the same emotional qualities as long-form music, previously reserved for background music in advertising. In addition, by uncovering the mediating relationship of emotion felt after exposure to the brand and advertisement, it is shown how these short audio branding elements can help shape emotion and consumer attitude toward brands. Finally, altering placement of the sonic logo can enhance consumer attitudes of the advertisement and brand.

This paper aims to examine the influence of personal distress on donor choice of happy- or sad-faced child in two donation contexts, monetary donations and child sponsorships.

This research conducted two experimental studies, in which participants chose a child to benefit out of eight needy children.

More people chose sad-faced children than happy-faced children in monetary donations, whereas in child sponsorships, the preference for sad-faced over happy-faced children disappeared: people chose happy-faced children as often as they chose sad-faced children.

This research distinguishes between two types of personal distress, experienced and anticipated distress, explaining why donor choices of child differ between monetary donations (where only experienced distress is present) and child sponsorships (where both experienced and anticipated distress are present).

Understanding the multifaceted images of tourism destinations is critical for effective destination marketing and management strategies. Traditional approaches, including conceptualization of destination images or analysis of their antecedents and consequences, are commonly used. This study aims to advocate the inclusion of visitors’ latent profiles based on cognitive images to enrich the evaluation and formulation of destination marketing and management strategies.

The analysis focuses on Serbia, an emerging destination, that attracts an increasing number of first-time, repeat and prospective visitors. Exploratory factor analysis and confirmatory factor analysis were used to test the potential dimensions (tangible and intangible cultural destination; infrastructural and accessible destination; active, nature and family destination; sensory and hospitable destination; and welcoming, value for money (VFM) and safe destination) of the cognitive destination image factors scale while subtypes (profiles) were obtained using latent profile analysis (LPA).

The cognitive image component encompasses the perceived attributes of a destination, whether derived from direct experience or acquired through other means. The study identified the following profiles: conventional destination; sensory and hospitable destination; welcoming, VFM and safe destination; secure and active family destination and accessible cultural destination, which are presented individually with their sociodemographic assets.

The main contribution of the paper is the application of a novel method (LPA) for profiling visitor segments based on cognitive destination image. From a theoretical perspective, this research contributes to the extant body of literature pertaining to the destination image, thereby facilitating the identification of discrete latent visitor segments and elucidating noteworthy differences among them concerning a cognitive image.