本研究以紡織業、營建業以及電子業所有上市公司之普通股作為研究樣本，而研究期間自民國八十二年一月起至民國八十九年十二月底止，共計八年，其中以民國八十五年九月為基準，劃分為前後兩個子研究期間，又以每兩年區隔出四個子研究期間。經由單因子變異數分析以及迴歸分析來檢定一週內各天報酬是否有顯著差異，以及驗證機構投資人與美國股市對週末效應的影響性。經由實證結果可得以下的結論：
1.台灣股票市場存在週內效應，一週內各天的報酬確實有顯著的差異。在紡織以及營建業方面，最高正報酬出現在週六，而最低負報酬出現在週二；電子業方面，82-86年間週五為最高正報酬，週二為最低負報酬，87-89年間則是週六為最高正報酬，週一為最低負報酬。
2.週末效應並沒有因為規模大小而有所消失，但不同的規模替代變數，使得規模和報酬的關係也有所不同。以總資產作為規模替代變數時，週末效應與規模之間無顯著的正向或負向關係；以市值或股價作為規模替代變數時，可發現82-85年間，並沒有存在規模效應；而86-89年間，卻存在反規模效應。
3.美國股市對於台灣股市還是具有影響性，其中電子業比其他兩個產業的影響力要來得顯著；後期的影響性又比前期的影響性要高。
4.82-85年間報酬僅有週一受到機構投資人的影響，而86-89年間，機構投資人交易的增減和報酬成反向關係。
整體而言，週內效應確實存在於台灣股票市場，然而會因為時間不同、產業不同以及規模大小不同，而會有不同的結果。而台灣股市股票報酬的確會受到美國股市與機構投資人的影響，且其影響性有越來越顯著的趨勢。

一、國內部分
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12.黃俊郁，「股票投資報酬週末效應之研究」，國立政治大學企業管理研究所碩士論文，民國七十三年。
13.黃俊榮，「台灣股票市場日曆異常現象之探討─各類指數報酬率分析與比較」，國立中正大學財務金融學系碩士論文，民國八十三年。
14.楊朝成、林容如，「規模效果、益本比效果與一月效應─台灣股市之實證研究」，社會科學論叢，民國八十二年。
15.雷雅淇，「公司規模、股價、益本比、淨值市價比與股票報酬關係之實證研究」，國立中央大學企業管理研究所碩士論文，民國八十九年。
16.鄭智成，「台灣與國際股市週日效應的比較」，國立台灣大學商學研究所碩士論文，民國八十一年。
17.盧木生，「台灣股票市場休市效果之再檢定」，淡江大學金融研究所碩士論文，民國八十一年。
18.盧瑞明，「台灣地區證券投資報酬週末效應之研究」，國立政治大學企業管理研究所碩士論文，民國七十八年。
19.羅弘睿，「台灣股票市場假日效應之研究」，國立交通大學管理科學研究所碩士論文，民國八十三年。
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