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Table 7 Month-of-the-year-effect regression analysis

From: Impact of market anomalies on stock exchange: a comparative study of KSE and PSX

KSE				PSX
Variables	Coefficients	t-statistics	Prob.	Variables	Coefficients	t-statistics	Prob.
D1	5698.071	4.380539	0.0000***	D1	81.08000	32.86167	0.0000***
D2	5747.237	4.418337	0.0000***	D2	83.08000	23.80989	0.0000***
D3	5922.063	4.552739	0.0000***	D3	86.41000	24.76423	0.0000***
D4	6019.219	4.778235	0.0000***	D4	81.62000	23.39147	0.0000***
D5	6045.493	4.981651	0.0000***	D5	82.39000	33.39261	0.0000***
D6	6295.250	4.946485	0.0000***	D6	80.35500	32.56782	0.0000***
D7	6463.674	4.811326	0.0000***	D7	79.48000	32.21319	0.0000***
D8	6627.255	4.933090	0.0000***	D8	79.34000	22.73804	0.0000***
D9	6688.571	4.978732	0.0000***	D9	76.06000	21.79803	0.0000***
D10	6733.637	4.863404	0.0000***	D10	80.55000	23.08481	0.0000***
D11	6779.469	5.046393	0.0000***	D11	78.45000	22.48298	0.0000***
D12	6946.599	5.170799	0.0000***	D12	81.15000	23.25677	0.0000***
R²: 0.632505				R²: 0.640641

*Denotes significance at 10 per cent, **significance at 5 per cent and ***significance at 1 per cent

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