臺大管理論叢 NTU Management Review VOL.30 NO.3

55 NTU Management Review Vol. 30 No. 3 Dec. 2020 Raw Weather Variables 2 Ground Visibility (Kilometers) Rainfall (Millimeters) Relative Humidity (%) Temperature (°C) Wind Speed (Knots per Hour) 8,910.0515 0.3467 66.1626 29.9808 5.8016 1,421.7535 1.5458 10.5438 2.1484 2.5164 -1.2002 7.7876 -0.4401 -0.7839 1.6545 1.4604 81.5708 2.7896 2.5274 6.9920 2,509.0909 0.0000 4.0909 8.1000 0.2727 14,272.7273 27.5500 98.0000 36.3455 30.5455 3,154.4846*** 2.76E+06*** 3,441.4408*** 3,569.0631*** 2.39E+4*** -19.8127*** (7) -75.9160*** (0) -14.8553*** (8) -19.8246*** (6) -11.7148*** (12) 9,590 9,621 9,653 9,683 9,600 Rainfall Relative Humidity Temperature Wind Speed 1.0000 0.2984*** 1.0000 -0.2559*** -0.3390*** 1.0000 -0.0524*** -0.0881*** 0.0887*** 1.0000 variation of the variables. Khanthavit (2018) argues that this ability did not necessarily translate into an influence on moods. For the SET, it is the fourth PC that has significant effects on the return. Based on Khanthavit’s (2018) evidence, I will use the fourth PC for W t . I compute the PCs from the treated weather variables. The fourth PC explains 12.28% of the common variation. The first and last PCs explain 30.44% and 6.00%, respectively.