| TOM | ROM | Difference | Fraction |
---|
Mean | − 0.059 | − 0.020 | − 0.039 | 0.38 |
SD | 0.96 | 1.08 | 0.12 | |
t-stat | − 0.42 | − 0.26 | 0.22 | |
- Notes: The table reports mean values of daily “turn-of-the-month” and “rest-of-the-month” returns of “KSE-100 Index” for Year 2018. 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)