Table 3 Preliminary statistics for the logarithm variables

Mean

 − 0.0101

0.0022

0.0186

 − 0.0080

0.0023

Median

0.0335

0.0243

0.0266

0.0000

0.0000

Maximum

8.9310

6.1602

5.6755

6.8431

11.6699

Minimum

 − 9.1542

 − 6.5687

 − 7.8433

 − 18.2903

 − 7.8537

Std. Dev

1.6233

1.4097

1.0692

1.5762

1.2098

Skewness

 − 0.4913

 − 0.2134

 − 0.3518

 − 0.5084

0.0082

Kurtosis

7.3457

6.2708

7.9886

9.9867

9.5925

Jarque–Bera

3110.7339

1705.0160

3977.4394

7811.5618

6810.6642

Probability

0.0000

0.0000

0.0000

0.0000

0.0000

ARCH-LM(2)

115.91

244.49***

132.21***

29.592***

28.103***

ARCH-LM(10)

52.867 ***

82.619***

55.152***

10.819***

18.479***

ARCH-LM(20)

31.830***

45.645***

30.869***

9.5340***

10.216***

ADF

 − 15.2728***

 − 10.4168***

 − 16.6303***

 − 21.29***

 − 62.7463***

Observations

3761

3761

3761

3761

3761