Panel A: Descriptive Statistics

Mean

Minimum

Maximum

S.D.

Skewness

Kurtosis

−0.0003698

−0.0122884

0.0532753

0.014473

2.966612

11.8553

Panel B: Tests of Significance

Quantiles

Tim

p-value (Tim)

t-statistic

p-value (t-statistic)

5%

−0.0123

0.19

−1.79

0.45

10%

−0.012

0.16

−2.1

0.18

25%

−0.0077

0.16

−1.58

0.16

Mean

−0.0004

0.38

−0.08

0.38

Median

−0.0015

0.28

−0.4

0.28

75%

0.0009

0.72

0.2

0.73

90%

0.007

0.45

1.13

0.64

95%

0.0533***

0.00

7.74***

0.00