| TOM | ROM | Difference | Fraction |
---|
Mean | 0.435 | − 0.084 | 0.519 | 6.65 |
SD | 1.06 | 0.83 | 0.66 | |
t-stat | 2.82*** | − 1.43 | 3.66*** | |
- Notes: The table reports mean values of daily “turn-of-the-month” and “rest-of-the-month” returns of “KSE-100 Index” for Year 2015. 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)