Research Article
The Effects of Prior Outcomes on Risky Choice: Evidence from the Stock Market
Table 1
Basic statistics for daily return series of composite indexes.
| | Mean | Std. Dev | Skewness | Jarque-Bera | ADF test | ARCH-LM test |
| S&P 500 | −0.006210 | 1.400254 | −0.114384 | 6587.713 | −38.3026 | 153.6778 | Dowjones | −0.000915 | 1.317075 | 0.047682 | 6299.268 | −37.8115 | 150.5500 | NASDAQ | −0.000440 | 1.747697 | 0.175155 | 2298.068 | −37.5163 | 100.7235 | NYSE | 0.002528 | 1.397271 | −0.283905 | 9121.484 | −37.44753 | 190.2067 | Nikkei225 | −0.011831 | 1.660565 | −0.292542 | 3821.667 | −48.86196 | 325.9931 | FTSE100 | −0.005793 | 1.357928 | −0.106906 | 3927.123 | −21.9967 | 153.3013 | SSE | 0.019730 | 1.714406 | −0.105263 | 1629.944 | −27.6192 | 5.505159 | DAX | −0.002373 | 1.692539 | 0.070301 | 1798.858 | −49.73979 | 119.7851 | CAC 40 | −0.016852 | 1.587710 | 0.052661 | 2746.579 | −23.62872 | 111.7417 | GSPTSE | 0.012089 | 1.258705 | −0.678169 | 8860.508 | −50.73949 | 157.5477 | MIBTEL | −0.030404 | 1.316993 | −0.158677 | 4999.875 | −20.68796 | 123.2172 | SMSI | 0.020879 | 1.364191 | −0.061860 | 4384.783 | −46.61378 | 123.3914 | BVSP | 0.067122 | 2.025965 | −0.093354 | 1355.060 | −46.66775 | 131.7443 | Hangseng | 0.017219 | 1.676433 | 0.037793 | 7002.364 | −48.77268 | 223.4757 |
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Note. J-B statistic in the table and the result of both the ADF test and ARCH-LM test are significant at significance level of 1%.
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