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Table 1 Descriptive statistics on stock returns before the crisis, during the crisis and after the crisis.

From: Analysis of financial contagion in influential African stock markets

Stats Mean Variance Skewness Kurtosis LB
PRE-CRISIS
 USA 0.689 3.924  − 0.370 2.258 13.672
 SOUTHA ~ A 2.544 18.621  − 0.073 2.054 15.762
 NIGERIA 1.389 40.262 0.346 3.329 13.006
 EGYPYT 5.034 112.049 0.504 4.179* 10.848
 TUNISIA 2.047 10.631 0.795** 2.869 16.605
 KENYA 1.796 21.882  − 0.177 4.556** 15.832
CRISIS
 USA  − 2.147 27.137  − 0.995** 3.785 8.503
 SOUTHA ~ A  − 0.605 28.659  − 0.148 2.928 8.941
 NIGERIA  − 1.635 96.559  − 1.175*** 4.680 15.976*
 EGYPYT  − 1.632 112.922  − 1.130** 4.262* 15.274
 TUNISIA 0.706 13.752 0.041 4.716** 5.946
 KENYA  − 2.197 46.520  − 0.396 3.047 1.801
POST – CRISIS
 USA 1.367 16.636  − 0.379 3.463 33.681
 SOUTHA ~ A 1.324 12.947 0.067 2.827 49.300
 NIGERIA 0.788 54.271 1.538*** 10.060*** 20.002
 EGYPYT 1.436 76.939 0.214 3.486 30.918
 TUNISIA 0.991 15.949  − 0.545** 4.582** 24.294
 KENYA 0.660 29.928  − 0.734*** 6.657*** 43.581
  1. The t statistics are in parentheses. ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively. All variables are first differences of the natural log of stock indices times 100