Table II.

Descriptive statistics for asset returns of the two markets

MarketMean/medianMeanMinimumMaximumSDSkewnessKurt
XMean3.35 * 10−6−0.110.110.020.003.89
Median−5.62 * 10−6−0.110.110.020.013.64
ZMean1.49 * 10−6−0.110.110.020.003.84
Median3.09 * 10−6−0.110.110.020.003.55

Notes:

The table reports the estimates of the mean and the median of the mean, maximum, minimum, standard deviation, skewness and kurtosis; computations are based on 1,000 time series, each containing 5,000 observations

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