Table 3: Descriptive statistics of explanatory factors, 1999(3)–2012(9).

FactorMeanStandard deviationNormality

Return of market portfolio 0.05683.68619.53
Change in M1 money supply0.56652.881577.42*
Change in 90-day bank bill−0.01230.2181052.4
Change in term premium−0.00020.26943.87
Change in official cash rate−0.01230.2103165.38
Change in tourist arrivals0.129019.9273.94*

Note: indicates 5% significance level.