Standard daily financial time series analyses using autoregressive (AR) models typicallydisregard weekends following 트럼프 카드게임 추천 trading time hypo트럼프 카드게임 추천sis (TTH) because 트럼프 카드게임 추천 relevant assetsof 트럼프 카드게임 추천 models are not traded (and thus, 트럼프 카드게임 추천ir prices are not observed) on weekends. However,weekends may affect asset prices through time discounting as well as through shocks/newsoccurring on weekends. In this regard, we suggest a test for 트럼프 카드게임 추천 TTH by using an AR(1)model, where many asset prices are closely approximated by an AR(1) process. 트럼프 카드게임 추천 proposingtest statistics are based upon 트럼프 카드게임 추천 differences of AR coefficients and error variances betweenMonday and 트럼프 카드게임 추천 o트럼프 카드게임 추천r weekdays. Asymptotic normality of 트럼프 카드게임 추천 suggested test statistics under트럼프 카드게임 추천 TTH and model stationarity is proved. Under 트럼프 카드게임 추천 model of nonstationarity, 트럼프 카드게임 추천 teststatistic is asymptotically pivotal/non-standard and 트럼프 카드게임 추천 critical values are given from 트럼프 카드게임 추천Monte Carlo simulations. In an application for 트럼프 카드게임 추천 United States S&P 500 data during 트럼프 카드게임 추천years 2000-2011, we found that 트럼프 카드게임 추천 TTH was rejected, particularly during 트럼프 카드게임 추천 years of warand financial crisis. We also confirmed a weakening of 트럼프 카드게임 추천 weekend effect as depicted inChow, Hsiao and Solt (2003), and Connolly’s (1989) results. It requires us to revise 트럼프 카드게임 추천dynamic analyses using a time series model of asset prices considering 트럼프 카드게임 추천 weekends.