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Future Business Journal

Table 3 T-test of means for “Turn-of-the-Month-Effect” of year 2013

From: The turn-of-the-month effect in Pakistani stock market

 

TOM

ROM

Difference

Fraction

Mean

0.34

0.13

0.21

0.36

SD

1.02

0.90

0.47

 

t-stat

2.31**

2.15**

1.39

 
  1. Notes: The table reports mean values of daily “turn-of-the-month” and “rest-of-the-month” returns of “KSE-100 Index” for Year 2013. 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)
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