Appendix Table 2 Posterior summary under alternative priors

Parameter	Model 1	Model 2	Model 3	Model 4
β0 (intercept)	0.01*	0.01*	0.01*	–0.013*
β1 (national-level momentum effect)	–0.437*	–0.441*	–0.444*	–0.441*
β2 (trading volume)				0.006*
β3 (price volatility)				0.002*
α[Seoul]		0.013	0.016	0.012
α[Busan]		0.004	0.011	0.006
α[Daegu]		0.004	0.009	0.007
α[Incheon]		0.003	0.008	0.008
α[Gwangju]		–0.006	0.001	–0.001
α[Daejeon]		–0.009	–0.007	–0.008
α[Ulsan]		–0.006	–0.006	–0.009
σ (residual SD)	0.106	0.106	0.106	0.106
σα (city-level momentum effect SD)	0.288	0.284	0.285	0.289
σδ (district-level momentum effect SD)			0.042	0.043

Note: Values marked with an asterisk indicate that the 90% highest density interval (HDI) does not contain zero for the corresponding parameter estimate. The parameter α[city] denotes the city-level momentum effect. District-level momentum effects (δ_k) are not reported here due to the limited space.