Exchange Rate, COVID-19, and Stock Returns in Africa: Insights from Time-Frequency Domain

Table 1

Descriptive summary (all-period).

Variable	Mean	Std. Dev.	Skewness	Kurtosis	Jarque–Bera	ADF	PP	Obs
Panel A: stock returns
Botswana	−0.00011	0.006643	−0.42413	10.322	2517.344	−34.0669	−34.0687	1112
Egypt	0.000225	0.018431	−9.53678	212.6719	2053776	−19.1354	−31.2289	1112
Ghana	−0.00054	0.00919	−7.08319	148.417	989067.6	−19.3273	−34.8441	1112
Kenya	0.000275	0.008871	−0.22984	7.406	909.252	−29.4316	−29.4536	1112
Morocco	0.000195	0.007716	−1.34451	24.77084	22295.61	−29.2354	−29.0749	1112
Namibia	0.000972	0.067305	0.756796	449.5509	9239329	−23.6422	−79.6683	1112
Nigeria	−0.00035	0.016341	−11.0666	244.3892	2722483	−33.3016	−33.3016	1112
Rwanda	−2.72E−05	0.007062	13.93219	302.2134	4184136	−35.3782	−35.5429	1112
South Africa	0.000915	0.016216	−0.39357	6.568224	618.633	−32.5236	−32.8506	1112
Tunisia	−0.00014	0.008292	−0.2695	7.049443	773.234	−37.0159	−36.8769	1112
Zambia	−0.00077	0.010532	−0.8919	18.50629	11288.05	−22.6803	−26.2775	1112
Panel B: exchange rate returns
Botswana	−0.0002	0.006539	−0.84168	9.468508	2069.955	−34.3328	−34.3313	1112
Egypt	−0.00033	0.008516	−6.83366	121.6327	660736.7	−32.3295	−32.8055	1112
Ghana	−0.00135	0.200131	−0.30106	510.2315	11920834	−22.7566	−116.155	1112
Kenya	0.000264	0.00518	0.583386	7.923884	1186.411	−41.2969	−40.383	1112
Morocco	−0.00183	0.013711	−0.23176	4.260012	83.51485	−42.8527	−41.847	1112
Namibia	0.000362	0.067024	2.396701	402.3345	7389749	−26.3548	−61.5719	1112
Nigeria	−0.00267	0.31821	−0.32183	171.1569	1310174	−24.4834	−107.836	1112
Rwanda	−5.49E−06	0.167321	0.871755	180.9036	1466577	−11.6347	−39.1527	1112
South Africa	−8.73E−05	0.009935	−0.36228	4.065072	76.88448	−34.506	−34.5974	1112
Tunisia	−7.13E−05	0.013237	0.240461	14.05535	5673.612	−42.8457	−42.5017	1112
Zambia	0.000664	0.009974	0.410479	18.36896	10975.39	−28.3397	−28.0884	1112

Note. The significance levels are given as 1% (), 5% (), and 10% ().