Table 1 Descriptive statistics for log... | Emerald Publishing

Table 1

Descriptive statistics for log stock returns and macroeconomic shocks

		Mean	Median	Maximum	Minimum	Std. Dev	Skewness	Kurtosis	Obs
Africa equity markets
Morocco	CSE	0.0000	0.0000	0.1000	−0.2300	0.0400	−1.0400	5.9000	191
Egypt	EGX	0.0000	0.0100	0.2900	−0.3900	0.0900	−0.5000	2.3100	191
South Africa	JSE	0.5000	0.5000	1.2300	−0.0700	0.0800	−0.2900	1.9800	191
Kenya	NSE	−0.0100	0.0000	0.1600	−0.3200	0.0600	−1.1800	5.9400	191
Nigeria	NGX	0.0000	0.0000	0.3200	−0.3700	0.0700	−0.3200	4.6000	191
Tanzania	DSE	0.0000	0.0000	0.1300	−0.1500	0.0300	−0.3500	4.6800	191
Ghana	GSE	0.0000	0.0100	0.1800	−0.5400	0.1500	−1.7500	13.8700	191
Macro-economic shock indicators
Geopolitical risk	GPR	0.0200	−0.006	0.8630	−0.4510	0.2030	1.0920	5.4960	191
Economic policy uncertainty	GEPU	0.0270	−0.004	0.8690	−0.3900	0.2050	1.3840	6.4750	191
Financial stress	FS	−0.5190	−0.110	16.1480	−15.1480	3.0240	0.3460	15.0390	191

		Mean	Median	Maximum	Minimum	Std. Dev	Skewness	Kurtosis	Obs
Africa equity markets
Morocco	CSE	0.0000	0.0000	0.1000	−0.2300	0.0400	−1.0400	5.9000	191
Egypt	EGX	0.0000	0.0100	0.2900	−0.3900	0.0900	−0.5000	2.3100	191
South Africa	JSE	0.5000	0.5000	1.2300	−0.0700	0.0800	−0.2900	1.9800	191
Kenya	NSE	−0.0100	0.0000	0.1600	−0.3200	0.0600	−1.1800	5.9400	191
Nigeria	NGX	0.0000	0.0000	0.3200	−0.3700	0.0700	−0.3200	4.6000	191
Tanzania	DSE	0.0000	0.0000	0.1300	−0.1500	0.0300	−0.3500	4.6800	191
Ghana	GSE	0.0000	0.0100	0.1800	−0.5400	0.1500	−1.7500	13.8700	191
Macro-economic shock indicators
Geopolitical risk	GPR	0.0200	−0.006	0.8630	−0.4510	0.2030	1.0920	5.4960	191
Economic policy uncertainty	GEPU	0.0270	−0.004	0.8690	−0.3900	0.2050	1.3840	6.4750	191
Financial stress	FS	−0.5190	−0.110	16.1480	−15.1480	3.0240	0.3460	15.0390	191

Source(s): Authors’ construction