Panel A: Descriptive Statistics

Mean

Minimum

Maximum

S.D.

Skewness

Kurtosis

−0.0016884

−0.0257076

0.0017182

0.0061489

−3.559956

14.5254

Panel B: Tests of Significance

Quantiles

Tim

p-value (Tim)

t-statistic

p-value (t-statistic)

5%

−0.0257***

0.00

−11.91***

0.00

10%

−0.0024

0.37

−1.21

0.62

25%

−0.0016

0.28

−1

0.39

Mean

−0.0017

0.13

−1.1

0.18

Median

−0.0003

0.46

−0.23

0.46

75%

0.0013

0.32

0.72

0.40

90%

0.0015

0.47

0.73

0.64

95%

0.0017

0.57

0.73

0.74