Table 1 Descriptive statistics and unit root tests

Mean

0.317

0.058

0.064

0.175

0.2

0.12

0.28

0.135

Variance

39.44

16.853

29.358

31.436

36.877

54.413

47.584

57.469

Skewness

1.960***

2.757***

2.559***

1.726***

1.459***

1.537***

2.011***

0.739***

Ex.Kurtosis

26.15***

40.93***

31.39***

16.43***

21.92***

16.22***

19.90***

18.19***

JB

43,053.***

104,996.***

62,252.***

17,356.***

30,109.***

16,780.***

25,372.***

20,507.***

ERS

− 6.591***

− 6.290***

− 6.738***

− 5.526***

− 6.735***

− 16.140***

− 1.225

− 5.335***

Q(10)

23.04***

22.35***

29.14***

25.77***

6.541

26.63***

14.75***

12.12**

Q2(10)

13.89***

5.033

11.08**

25.46***

35.791***

11.64**

26.65***

17.35***