日历效应（Calendar Effect）是指金融市场与日期相联系的非正常收益、非正常波动及其他非正常高阶矩，主要包括季节效应、月份效应、星期效应和假日效应，它们分别指金融市场与季节、月份、星期和假日有关的非正常收益、非正常二阶矩及其他非正常高阶矩。
The so called anomalies on the security market including Size Effect, Value Premium, Calendar Effect, Reversal Behavior and so on, has brought a serial of revolutions to the field of financial asset pricing theory.
包括规模效应、账面市值比效应、日历效应、收益率反转行为等等在内的证券市场“异象”的发现，为金融资产定价领域带来了一系列变革。
参考来源 - Fama·2,447,543篇论文数据，部分数据来源于NoteExpress
与低频数据不同，高频数据通常具有“日历效应”和波动长记忆性。
Unlike low frequency data, high frequency data has the calendar effects and long memory volatility.
本文从定义形式、无偏性、有效性、日历效应等方面对已实现波动和赋权已实现波动加以比较。
In this paper, we compare realized volatility and weighted realized volatility from four aspects: defnition, bias, efficiency and calendar effect.
日历效应是指证券市场出现的在某一特定时间进行交易可以获得超额收益率的现象，它的表现形式主要有星期效应和月份效应。
Calendar effects mean that market returns associate with the specific transaction date in stock market, there re two important forms: day of the week effects and month of the year effects.
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