Flights-to-and-from-Quality with Islamic and Conventional Bonds in the COVID-19 Pandemic Era: ICEEMDAN-Based Transfer Entropy

Table 1

Descriptive summary of bond yield and global stock indices returns.

Country/market	Obs^a	Min	Max	Mean	SD	Skewness	Kurtosis^b	Normtest.W
Bond yield
India	264	−0.039	0.045	0.000	0.008	0.031	7.625	0.851
Indonesia	264	−0.060	0.061	0.000	0.013	0.287	7.298	0.838
Malaysia	264	−0.071	0.081	0.000	0.017	0.026	5.519	0.876
Pakistan	264	−0.104	0.030	0.000	0.012	−4.220	31.158	0.585
Qatar	264	−0.164	0.250	−0.001	0.035	1.727	15.773	0.759
Canada	264	−0.310	0.200	−0.002	0.054	−0.547	4.699	0.944
Italy	264	−0.237	0.381	−0.001	0.062	0.955	7.520	0.898
UK	264	−0.372	0.445	−0.003	0.118	0.305	1.483	0.976
USA	264	−0.350	0.313	−0.001	0.053	0.057	12.157	0.855
Global stocks
BRIC	264	−0.081	0.053	0.001	0.015	−1.084	5.270	0.919
DEVMI	264	−0.103	0.083	0.001	0.015	−1.486	15.589	0.773
EMGMI	264	−0.079	0.047	0.001	0.014	−1.385	7.287	0.897
EURMI	264	−0.140	0.084	0.001	0.017	−2.463	21.557	0.766
GLOBALMI	264	−0.122	0.087	0.001	0.025	−0.709	3.761	0.941

Notes: ^a = observations; ^b = excess kurtosis; < 0.01; SD = standard deviation. BRIC is the market index for BRIC economies, DEVMI is the developed markets index; EMGI is the emerging markets index; EURMI is the Europe index, and GLOBALMI is the global market composite index.