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Financial Innovation

Table 2 Power law exponents in booms and recessions

From: Business cycle and herding behavior in stock returns: theory and evidence

 

Mean

Median

Boom

3.837 ± 0.097

3.755

Recession

2.843 ± 0.196

2.810

  1. The first column shows the average power law exponents and their standard errors during the boom and recession periods. The p-values for the t-test of equality between means and Wilcoxon rank-sum z-test of equality between medians are 0.001 and 0.005, respectively
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