Table 5.
Estimated results of DID model.
| Financial assets |
S&P 500 index |
WTI oil price |
LBMA gold price |
|---|---|---|---|
| Technique | (1) | (2) | (3) |
| Linear transformation | 99.984* | 23.753*** | 58.665*** |
| (1.516) | (7.293) | (2.679) | |
| Normalization | 94.663* | 24.169*** | 56.238*** |
| (1.513) | (7.220) | (2.929) | |
| Scaling | 71.430* | 16.462*** | 48.413*** |
| (1.418) | (7.755) | (3.999) |
Notes: This table presents estimated results of the DID model of each unstable financial asset using different data preprocessing techniques. The results stand for the impact of the outbreak of the Russia-Ukraine conflict on the price levels of selected financial assets. The parentheses are the t-values. The asterisks *, **, and *** denote significance at 10 %, 5 % and 1 % significance levels, respectively.