Herding behavior in Ramadan and financial crises: the case of the Pakistani stock market

Financial Innovation

Table 6 Yearly Regression results for CSAD_t

Year	Constant	\|R_m,t\|	[R_m,t]²	Adj. R²	F-Statistic
2004	0.0138 (30.53)^***	0.6372 (6.568)^***	−3.4716 (− 0.901)	0.4688	(109.9)^***
2005	0.0152 (35.17)^***	0.5572 (7.181)^***	−4.553 (−1.967)^**	0.4851	(117.3)^***
2006	0.0146 (34.30)^***	0.5365 (6.473)^***	−4.6089 (−1.660)^*	0.4791	(110.4)^***
2007	0.0145 (38.83)^***	0.5825 (8.129)^***	−7.2729 (−3.355)^***	0.3890	(78.36)^***
2008	0.0098 (11.07)^***	0.9695 (8.262)^***	−0.8719 (− 0.366)	0.5807	(162.3)^***
2009	0.0209 (24.68)^***	0.5105 (3.872)^***	0.9000 (0.239)	0.3432	(65.02)^***
2010	0.0209 (53.34)^***	0.2109 (2.954)^***	2.8142 (1.286)	0.2673	(46.07)^***
2011	0.0136 (31.51)^***	0.7073 (7.632)^***	−3.9702 (−1.200)	0.4204	(90.60)^***
2012	0.0167 (32.94)^***	0.0752 (0.738)	34.041 (9.921)^***	0.6686	(251.2)^***
2013	0.0156 (50.09)^***	0.2861 (5.075)^***	2.8878 (1.508)	0.4223	(90.94)^***
2014	0.0155 (40.96)^***	0.3796 (5.470)^***	−2.5306 (−1.199)	0.2450	(40.44)^***

***,** and * denotes to the significance at the level of 1%, 5% and 10% respectively. () contains the t-statistics