Table 1.

Descriptive statistics of variables at level and first-order difference

NSESCIWTIΔNSEΔSCIΔWTI
Mean4079.9582196.22454.440770.0096760.0059910.004736
Median3666.2502042.31549.715000.0142930.0067600.014643
Standard deviation2972.590960.664729.517580.0709770.0796540.085374
Skewness0.6252430.8667410.444408−0.360997−0.199587−0.702371
Kurtosis2.2583033.9656482.1066724.8123714.7270964.357211
Jarque–Bera23.95674 (0.0000)47.02261 (0.0000)17.99765 (0.0001)42.97568 (0.0000)35.48068 (0.0000)43.08131 (0.0000)
ADF (constant only)1.138148−2.726362−2.230816−16.80156−14.95130−12.56969
ADF (constant and Trend)−1.622198−4.361419−2.671415−16.77772−15.01124−12.56098
ADF (no constant and trend)2.701363−0.323705−0.714009−16.55420−14.90496−12.56372
PP (constant only)1.205558−2.696651−2.063236−16.79541−15.30856−12.58741
PP (constant and trend)−1.661035−3.340345−2.450286−16.77213−15.34763−12.57823
PP (no constant and trend)2.801992−0.627376−0.594159−16.58210−15.28621−12.61448

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