An Empirical Modelling of New Zealand Hospitality and Tourism Stock Returns

Table 3

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

Factor	Mean	Standard deviation	Normality
Return of market portfolio	0.0568	3.686	19.53
Change in M1 money supply	0.5665	2.881	577.42*
Change in 90-day bank bill	−0.0123	0.218	1052.4
Change in term premium	−0.0002	0.269	43.87
Change in official cash rate	−0.0123	0.210	3165.38
Change in tourist arrivals	0.1290	19.927	3.94*

Note: ∗indicates 5% significance level.