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This paper aims to replicate 148 anomalies and to examine whether the performance of the Korean market anomalies is statistically and economically significant. First, the authors observe that only 37.8% anomalies in the universe of the KOSPI and the KOSDAQ and value-weighted portfolios have t-statistics that exceed 1.96. When the authors impose a higher threshold (an absolute value of t-statistics of 2.78), only 27.7% of the 148 anomalies survive. Second, microcaps have large impacts. The results vary significantly depending on whether the sample included stocks in the KOSDAQ and whether value-weighted or equal-weighted portfolios are used. The results suggest that data mining explains large portion of abnormal returns. Any tactical asset allocation strategies based on market anomalies should be applied very cautiously.

This study aims to determine whether engagement in a football programme can positively impact the recovery journey of the mental health service users involved from the perspective of the “Kickstart 2 Recovery” (K2R) programme stakeholders. There are many challenges faced by the people with mental health problems, a significant one being social exclusion. Football is a socially valued occupation in Ireland (Moran, 2019) and the K2R programme is an initiative run to combat experiences of isolation and exclusion that those with mental health difficulties may experience.

A descriptive phenomenological approach was taken to the study with the use of semi-structured interviews as the research method. In total, twenty one interviews were carried out and Braun and Clarke’s (2006) thematic analysis was used to analyse the data.

Two themes represent the findings of this paper: the need for pathways and social inclusion, connection and flexibility. These reveal that facilitators are focused on supporting recovery but are unsure of how to overcome barriers to social inclusion. Sports partnerships and programme facilitators have a role to play in accessing community resources, challenging social stigma and creating exit pathways from the group.

This study reveals the challenges footballers with mental health difficulties experience when attempting to become more included in their communities and suggestions on how football programmes, such as K2R, could support their inclusion. These findings add to the body of research analysing the issue of social inclusion for people with mental health difficulties.