Stocks Traded in All Periods

Stocks Traded in All Periods: Summary statistics of PIT by group

Parameter:	alpha (α)			delta (δ)			epsilon (ε)			mu (μ)
	Period 1	Period 2	Period 3	Period 1	Period 2	Period 3	Period 1	Period 2	Period 3	Period 1	Period 2	Period 3
A: First decile
Mean	0.430	0.397	0.225	0.277	0.135	0.208	2,731	1,890	102,728	8,813	12,915	20,558
Median	0.184	0.166	0.081	0.137	0.060	0.108	592	613	230	260	1,052	796
Std. dev.	0.440	0.432	0.328	0.353	0.219	0.264	11,323	4,613	928,173	27,359	54,105	89,150
Stat. sign. at 5%	39.4%	44.7%	50.0%	36.2%	44.7%	34.0%	100.0%	98.9%	95.7%	54.3%	56.4%	66.0%

B: Second decile
Mean	0.361	0.365	0.245	0.326	0.160	0.210	477	517	180	8,445	4,588	5,173
Median	0.118	0.132	0.197	0.221	0.075	0.151	325	392	76	835	0	308
Std. dev.	0.436	0.436	0.256	0.371	0.250	0.273	468	473	252	19,329	10,827	22,327
Stat. sign. at 5%	39.4%	39.4%	72.7%	33.3%	39.4%	27.3%	100.0%	100.0%	100.0%	57.6%	45.5%	75.8%

C: Third decile
Mean	0.188	0.250	0.222	0.169	0.151	0.195	129	443	238	702	4,270	2,165
Median	0.100	0.110	0.129	0.095	0.053	0.001	116	351	83	471	327	50
Std. dev.	0.234	0.359	0.296	0.213	0.280	0.317	105	377	290	834	9,567	6,069
Stat. sign. at 5%	66.7%	50.0%	33.3%	41.7%	25.0%	16.7%	100.0%	100.0%	83.3%	83.3%	50.0%	33.3%

D: 4^th-10^thdecile
Mean	0.370	0.348	0.199	0.371	0.185	0.193	113	218	86	366	2,079	71
Median	0.279	0.147	0.052	0.099	0.035	0.002	55	183	46	81	220	21
Std. dev.	0.358	0.426	0.304	0.440	0.262	0.346	161	154	143	659	3,927	155
Stat. sign. at 5%	45.5%	45.5%	27.3%	9.1%	36.4%	9.1%	90.9%	100.0%	100.0%	45.5%	63.6%	63.6%