Table 1

Descriptive statistics and t-test

VariablePeriodSummary statisticsDifferences of two periods
MeanStandard deviationMeanStandard deviation
Return of VN-Index2013–20180.051.05−0.040.26***
2019–20220.011.31
IP2013–201886.2612.7250.53***18.77***
2019–2022136.7931.49
IRATE2013–20183.460.86−0.6***0.64***
2019–20222.861.5

Note(s): (***) indicates significance at the 1% level

Source(s): Researchers’ own computations

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