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Table 2: Descriptive Statistics of the Variables Panel

A: Total Period 1994- 2008

CM CP CD MIBOR TBILL PLR DR NIFTY ER

Mean 0.6438 0.8393 0.7692 0.6420 0.6359 0.5758 0.5572 1838.42 41.783

Std. Dev. 0.3429 0.2556 0.2518 0.1739 0.1835 0.1427 0.1314 1240.45 5.4029

Skewness 3.3173 0.6258 0.7076 0.2271 0.7318 0.4665 0.4464 1.6049 -0.6787

Kurtosis 19.0884 3.3708 3.5544 2.1110 3.0991 2.4384 2.4049 4.5046 2.2299

Observations 180 180 180 121 180 105 105 180 180

Panel B: Sub Period 1994-2000

CM CP CD TBILL NIFTY ER

Mean 0.788061 1.037430 0.977868 0.769942 1109.929 37.10065

Std. Dev. 0.451121 0.209044 0.202095 0.167158 189.2625 4.609680

Skewness 2.529335 1.096677 1.235480 0.644165 0.912985 0.172617

Kurtosis 11.09026 3.643574 3.763833 2.253021 3.536149 1.552272

Observations 77 77 77 77 77 77

Panel C: Sub Period 2000 – 2004

CM CP CD MIBOR TBILL PLR DR NIFTY ER

Mean 0.5292 0.6598 0.5737 0.5844 0.5196 0.5520 0.5358 1296.60 46.783

Std. Dev. 0.1625 0.1663 0.1481 0.1834 0.1408 0.1610 0.1506 304.009 1.3541

Skewness 1.2027 0.3059 0.3114 0.7972 0.7517 0.7470 0.7398 0.7821 -0.0769

Kurtosis 4.3872 1.7753 1.9653 2.9144 2.4969 2.5794 2.4936 2.3685 2.0734

Observations 55 55 55 55 55 55 55 55 55

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