Diversification Benefits between Stock Returns from Ghana and Jamaica: Insights from Time-Frequency and VMD-Based Asymmetric Quantile-on-Quantile Analysis

Table 1

Descriptive statistics and correlation matrix.

Panel A : Sample statistics	Ghana (GSECI)	Jamaica (JSEIND)
Observations	2740	2740
Min	−0.1844	−0.0528
Max	0.1750	0.0788
Median	−0.0001	0.0002
Mean	−0.0002	0.0003
Std. dev	0.0090	0.0088
Skewness	−0.2470	0.3815
Kurtosis	118.0771	6.4888
Normtest.W	0.6989	0.9368
ADF	−15.7822	−16.2129
PP	−58.8697	−55.9105
Panel B : correlation matrix
Ghana	1.0000
Jamaica	0.0081	1.0000

Notes: this table presents the descriptive statistics of the daily stock market data for Ghana and Jamaica in Panel A. Panel B presents the unconditional correlation between the two markets’ returns. ADF is the Augmented Dickey–Fuller test and PP is the Phillips–Perron test.