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Table 2 Summary statistics (Shanghai Futures Exchange)

From: The effect of nighttime trading of futures markets on information flows: evidence from China

Futures

Sample perioda

Mean

Std.

Skewness

Kurtosis

Eq. meanb

Eq. var.c

Gold

Pre-NT

0.00006

0.0131

−0.495***

3.948***

0.40

2.65***

Post-NT

−0.00014

0.0080

0.141

1.336***

Silver

Pre-NT

−0.00438

0.0196

−1.138***

4.524***

−2.19**

2.59***

Post-NT

−0.00025

0.0122

−0.016

2.487***

Copper cathode

Pre-NT

0.00059

0.0159

−0.256***

1.432***

1.65*

2.77***

Post-NT

−0.00034

0.0095

−0.407***

4.222***

Aluminum

Pre-NT

−0.00024

0.0097

−0.608***

4.562***

1.30

3.04***

Post-NT

−0.00068

0.0056

0.058

1.078***

Zinc

Pre-NT

−0.00081

0.0156

−0.409***

1.675***

−1.09

3.49***

Post-NT

−0.00019

0.0083

−0.343***

2.881***

Lead

Pre-NT

−0.00053

0.0090

−0.500***

6.794***

−0.50

1.34***

Post-NT

−0.00028

0.0078

−0.093

3.540***

Steel rebar

Pre-NT

−0.00059

0.0087

−0.038

3.798***

1.78*

1.29**

Post-NT

−0.00190

0.0099

−0.195

1.916***

Natural rubber

Pre-NT

−0.00022

0.0158

−0.276***

1.321***

0.67

1.09

Post-NT

−0.00099

0.0152

0.025

0.582*

  1. ***, **, and * denote significance at 1 %, 5 %, and 10 % levels, respectively
  2. a“Pre-NT” represents the sample period prior to the launching of nighttime trading; “Post-NT” represents the sample period after the launching of nighttime trading
  3. bThis column displays the t-value from the mean equality test
  4. cThis column displays the F-value from the variance equality test