Table 1.

Descriptive statistics for complete and for disaggregated samples.

		Mean	Median	Max.	Min.	Std. Dev.	St. Er	Skewness	Obs.
Full term	Dow Jones	0.07	0.11	11.37	−12.93	2.07	(0.04)	−0.52	327
	NASDAQ	0.14	0.28	9.35	−12.32	2.08	(0.03)	−0.68	327
	S&P 500	0.09	0.17	9.38	−11.98	1.96	(0)	−0.59	327
	Wilshire 5k	0.09	0.17	9.40	−12.29	1.98	(0.01)	−0.72	327
	Cases	6.83	1.28	225.11	0.00	23.03	(0.06)	6.59	326
	Deaths	5.43	0.78	300.00	0.00	21.63	(0.06)	9.44	315
Wave 01	Dow Jones	−0.07	0.00	11.37	−12.93	3.40	(0.07)	−0.24	103
	NASDAQ	0.07	0.20	9.35	−12.32	3.10	(0.03)	−0.49	103
	S&P 500	−0.04	0.03	9.38	−11.98	3.16	(0.06)	−0.29	103
	Wilshire 5k	−0.04	0.06	9.40	−12.29	3.19	(0.07)	−0.39	103
	Cases	19.12	4.58	225.11	0.00	38.50	(0.09)	3.57	102
	Deaths	17.01	3.93	300.00	0.00	37.96	(0.08)	5.18	91
Wave 02	Dow Jones	0.16	0.33	2.32	−2.84	1.09	(0.12)	−0.68	60
	NASDAQ	0.28	0.56	2.51	−4.96	1.34	(0.11)	−1.32	60
	S&P 500	0.20	0.35	1.90	−3.51	1.01	(0.12)	−1.31	60
	Wilshire 5k	0.21	0.33	1.90	−3.56	1.04	(0.12)	−1.25	60
	Cases	1.87	1.69	5.55	0.66	1.18	(0)	1.64	60
	Deaths	0.82	0.71	2.45	0.47	0.34	(0)	2.50	60
Wave 03	Dow Jones	0.12	0.12	2.95	−3.43	0.95	(0.02)	−0.34	163
	NASDAQ	0.13	0.14	3.85	−4.11	1.40	(0.08)	−0.33	163
	S&P 500	0.12	0.07	2.38	−3.53	1.02	(0.04)	−0.51	163
	Wilshire 5k	0.14	0.11	2.46	−3.44	1.04	(0.04)	−0.49	163
	Cases	1.00	0.75	4.40	0.18	0.88	(0.03)	1.92	164
	Deaths	0.68	0.57	2.09	0.14	0.40	(0.02)	0.98	164

¹The numbers show the descriptive statistics based on the growth rates in the respective variables.

²Wave01: January 01, 2020 to June 12, 2020. Wave02: June 15, 2020 to September 04, 2020. Wave03: September 7, 2020 to May 06, 2021.

³Author’s calculations - Source: Thompson Reuters.