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Future Business Journal

Table 7 T-test of means for “Turn-of-the-Month-Effect” of year 2017

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

 

TOM

ROM

Difference

Fraction

Mean

− 0.056

− 0.060

0.004

0.18

SD

1.32

1.10

0.72

 

t-stat

− 0.29

− 0.77

0.02

 
  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 2017. 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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