Financial Innovation

Table 1 Descriptive statistics

From: Return and volatility spillovers between non-fungible tokens and conventional currencies: evidence from the TVP-VAR model

	Non-Fungible Tokens				Conventional Currencies
	THETA	XTZ	ENJ	MANA	CNY	JPY	EUR	GBP
Mean	0.00322	−0.00113	0.00289	0.00050	0.00000	− 0.00003	− 0.00005	− 0.00001
Max	0.51053	0.25986	0.76823	0.50067	0.01416	0.02822	0.01387	0.02691
Min	− 0.60387	− 0.60726	− 0.62423	− 0.62984	− 0.01580	− 0.03154	− 0.02064	− 0.03718
S.D.	0.08361	0.07494	0.08837	0.07642	0.00265	0.00427	0.00398	0.00545
Skew	− 0.02578	− 0.91714	1.32551	− 0.23101	− 0.20222	− 0.52964	− 0.23572	− 0.14784
Kurt	10.1565	10.4266	19.2917	11.3248	6.9594	12.6423	4.4393	6.5652
J-B	2097.80	2396.81	11159.05	2847.25	648.78	3854.05	93.95	524.19
ARCH	4.63106^a	32.0665^a	3.12942^c	40.2238^a	14.1542^a	147.9523^a	9.94682^a	46.5038^a
Q-stat	30.513^b	35.9980^a	27.773^b	33.7080^a	28.588^a	41.4350^a	33.6620^a	36.5990^a
ADF	− 20.829^a	− 33.7242^a	− 33.950^a	− 34.6951^a	− 34.2924^a	− 33.7020^a	− 30.5662^a	− 29.2934^a

Max—Maximum, Min—Minimum, S.D.—Standard deviation, Skew—Skewness, Kurt—Kurtosis, J–B—Jarque–Bera, ADF—Augmented Dicky Fuller test. ^a,b,cdenote, respectively, the 1, 5, and 10% level of significance

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