Economic Policy Uncertainty and Stock Returns of Africa: A Wavelet Coherence Analysis

Table 1

Descriptive statistics of EPU and SR.

Countries/EPU	Mean	Std. dev.	Skewness	Kurtosis	Jarque–Bera	Observations
Botswana	−0.0002	0.0070	−0.6501	9.0650	3624.594	2352
Ghana	−0.0003	0.0090	−0.3960	142.4446	1867571	2352
Kenya	0.0000	0.0140	−1.0110	283.7185	7723081	2352
Morocco	−0.0002	0.0081	−0.9977	15.4287	15429.55	2352
Namibia	−0.0002	0.0168	−0.6927	7.9385	2421.498	2352
Nigeria	−0.0004	0.0136	−9.7755	249.1509	5911792	2352
South Africa	−0.0002	0.0163	−0.6712	7.7351	2362.741	2352
Zambia	−0.0005	0.0116	0.1078	19.6097	26661.65	2352
EPU	0.0001	0.5087	0.0194	5.5119	594.5533	2352