Panel A: Descriptive Statistics

Mean

Minimum

Maximum

S.D.

Skewness

Kurtosis

0.0032307

−0.0035307

0.0098656

0.0042225

−0.0420504

1.711319

Panel B: Tests of Significance

Quantiles

Tim

p-value (Tim)

t-statistic

p-value (t-statistic)

5%

−0.0035

0.77

−0.84

0.77

10%

−0.0021

0.69

−0.54

0.74

25%

−0.0011

0.63

−0.36

0.64

Mean

0.0032

0.18

0.97

0.15

Median

0.0039*

0.09

1.33**

0.01

75%

0.007

0.12

1.78

0.13

90%

0.0092

0.14

1.97

0.27

95%

0.0099

0.21

1.74

0.45