Drivers of Stock Prices in Ghana: An Empirical Mode Decomposition Approach

Table 1

Measures of IMFs and residue of GSEFSII.

	Mean period	Pearson correlation	Kendall correlation	Variance	Variance as % of observed	Variance as % of  IMFs + residue
Observed series	2.3124			0.1404
IMF1	1.63	0.0288	0.0116	0.0003	0.20	0.20
IMF2	3.67	0.0211	0.0252	0.0001	0.07	0.07
IMF3	9.06	0.0133	0.0039	0.0001	0.07	0.07
IMF4	23.35	0.0937	0.0711	0.0004	0.28	0.28
IMF5	60.70	0.0471	0.0295	0.0011	0.77	0.77
IMF6	121.4	0.1824	0.1636	0.0052	3.70	3.71
Residue	607	0.9764	0.7769	0.1330	94.73	94.90
Sum					99.82	100

Note. and : correlation is significant at the level of 0.05 and 0.01 (2-tailed) respectively.