| TOM | ROM | Difference | Fraction |
---|
Mean | 0.492 | 0.003 | 0.489 | 0.94 |
SD | 0.90 | 0.76 | 0.48 | |
t-stat | 3.74*** | 0.05 | 3.82*** | |
- Notes: The table reports mean values of daily “turn-of-the-month” and “rest-of-the-month” returns of “KSE-100 Index” for Year 2014. 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)