| TOM | ROM | Difference | Fraction |
---|
Mean | 0.14 | 0.01 | 0.12 | 0.08 |
SD | 0.32 | 0.30 | 0.08 | |
t-stat | 3.30*** | 0.34 | 2.32*** | |
- Notes: The table reports mean values of daily “turn-of-the-month” and “rest-of-the-month” returns of “KSE-100 Index” for overall sample. Moreover, t-statistics is also reported by keeping the hypothesized mean equal to zero. 4th column is the difference between “turn-of-the-month” and “rest-of-the-month”. Last column is of fraction which is computed by dividing the total return generated during “turn-of-the-month” period by aggregate return of the overall “KSE-100 Index”. (*p < 0.1; **p < 0.05; ***p < 0.01)