Financial Innovation

Table 1 Summary Statistics and ARCH test

From: Dynamics of oil price shocks and stock market behavior in Pakistan: evidence from the 2007 financial crisis period

	Pre-crises period		Post-crises period
	Stock Index	Oil Price	Stock Index	Oil Price
Mean	0.119325	0.057233	0.043539	0.013699
Median	0.185935	0.066066	0.050602	0.000000
Maximum	6.448673	12.44253	8.254687	16.41370
Minimum	−7.741379	−17.09179	−5.134857	−12.82672
Standard Deviation	1.435641	2.362568	1.190427	2.386366
Skewness	−0.418083	−0.547710	−0.308992	0.102236
Kurtosis	5.659834	7.684251	7.149258	9.461846
Jarque-Bera	591.4636^a	1760.732^a	1338.933^a	3180.075^a
ARCH LM	210.1294^a	63.84006^a	100.1604^a	122.0481^a

The summary statistics is computed from continuous compounding returns of data. The figures of Mean, Median, Maximum, Minimum and Standard Deviation are represented in percentage form. The ARCH LM represents the ARCH test applied for the presence of autocorrelation and heteroskedasticity in the datasets
^aindicates significance at 1%

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