Table 7.

Descriptive statistics of time-varying conditional correlations

	$R_{m,t}^c$	$R_{a,t}^c$	$R_{d,t}^c$
Mean	0.140	0.068	0.138
Std	4.540 × 10− 7	0.040	4.911 × 10− 3
Min	0.140	−0.017	0.124
Max	0.140	0.146	0.1512

Notes. This table reports the summary statistics of the time-varying correlations computed by the DCC-GARCH model. $R_{m,t}^c$, $R_{a,t}^c$, and $R_{d,t}^c$ represent the time-varying conditional correlations between $R_t^{s\&p}$ and $R_{m,t}^c$, $R_{a,t}^c$, and $R_{d,t}^c$, respectively