Risk Analysis of Gold Prices in Pakistan Using Extreme Value Theory

Table 3

The basic fundamental assumptions of block maxima of negative return series.

-	Randomness		Independence		Homogeneity		Stationary
Tests	(NERC 1975)		(Wald e Wolfowitz)		(Mann–Whitney test)		(Spearman test)
Values	value	Statistic	value	Statistic	value	Statistic	value	Statistic
Month	0.4633	0.7334	0.0501	1.6441	0.0512	−2.7293	0.0498	−2.2678
Quarter	0.0682	1.4891	0.3869	0.2875	0.3167	−0.4770	0.3344	−0.4277
Year	0.2903	0.5526	0.1593	0.9972	0.3008	−0.5222	0.3786	−0.3091