Panel A: Descriptive Statistics

Mean

Minimum

Maximum

S.D.

Skewness

Kurtosis

0.0028609

−0.0044626

0.0564499

0.0136895

3.591589

14.64456

Panel B: Tests of Significance

Quantiles

Tim

p-value (Tim)

t-statistic

p-value (t-statistic)

5%

−0.0045

0.7

−0.58

0.81