Table 3 Preliminary analysis [Regressand...

Table 3

Preliminary analysis [Regressand series]

Statistics	Global	Europe	US	Asia	Solar	Wind
Mean	0.040	0.017	0.036	0.006	0.051	0.037
Std. Dev	1.331	1.375	1.343	1.461	2.119	1.217
Skewness	−0.595	−0.715	−0.488	−0.220	−0.442	−0.949
Kurtosis	11.449	10.333	12.109	6.875	8.695	18.937
Persistence	0.189***	0.043**	−0.095***	0.148***	0.012	0.099***
Persistence	(0.019)	(0.018)	(0.019)	(0.018)	(0.018)	(0.027)
ARCH(1)	0.019***	57.209***	796.93***	74.35***	183.35***	88.205***
ARCH(1)	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]
ARCH(5)	123.33***	83.688***	297.79***	61.129***	171.26***	96.543***
ARCH(5)	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]
ARCH(10)	67.991***	56.229***	185.01***	39.181	93.055***	51.934***
ARCH(10)	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]
Endogeneity	−0.258***	−0.265***	−0.201***	−0.257***	−0.452***	−0.256***
Endogeneity	(0.049)	(0.051)	(0.049)	(0.054)	(0.078)	(0.047)

Statistics	Global	Europe	US	Asia	Solar	Wind
Mean	0.040	0.017	0.036	0.006	0.051	0.037
Std. Dev	1.331	1.375	1.343	1.461	2.119	1.217
Skewness	−0.595	−0.715	−0.488	−0.220	−0.442	−0.949
Kurtosis	11.449	10.333	12.109	6.875	8.695	18.937
Persistence	0.189***	0.043**	−0.095***	0.148***	0.012	0.099***
Persistence	(0.019)	(0.018)	(0.019)	(0.018)	(0.018)	(0.027)
ARCH(1)	0.019***	57.209***	796.93***	74.35***	183.35***	88.205***
ARCH(1)	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]
ARCH(5)	123.33***	83.688***	297.79***	61.129***	171.26***	96.543***
ARCH(5)	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]
ARCH(10)	67.991***	56.229***	185.01***	39.181	93.055***	51.934***
ARCH(10)	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]	[0.000]
Endogeneity	−0.258***	−0.265***	−0.201***	−0.257***	−0.452***	−0.256***
Endogeneity	(0.049)	(0.051)	(0.049)	(0.054)	(0.078)	(0.047)

Note(s): The regressand series are the ‘Global’, ‘Europe’, ‘US’, Asia’, ‘Solar’ and ‘Wind’ clean energy indices, respectively. ARCH is the test for conditional heteroscedasticity conducted with ten (10) lags. The null hypotheses for persistence, ARCH and endogeneity tests are “no persistence”, “no ARCH effects” and “no endogeneity bias” respectively. “**” and ”***” indicates statistical significance at the 5% and 1% significance levels. Values in “()” are standard errors while those in “[]” are probability values

Source(s): Table by authors

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