Investors’ Risk Preference Characteristics Based on Different Reference Point

Table 1

Descriptive statistics of returns.

Statistic/index	Mean	Std.	Skewness	Kurtosis	JB statistic	Number
NYSE	−0.020146	1.379473	0.386855	12.76570	10072.59	2519
NASDAQ	−0.034578	1.456799	0.178026	8.740239	3471.719	2519
N225	0.001421	1.548458	0.547135	11.61059	7697.198	2452
FTSE	−0.013400	1.265248	0.102467	10.37660	5729.256	2525
SSE	−0.013083	1.656866	0.246740	6.634653	1412.133	2519
HSI	−0.032618	1.605285	−0.037799	12.15559	8749.820	2505
TSX	−0.025141	1.214611	0.680644	13.14799	10544.64	2414
BOV	−0.078359	1.861404	0.084820	8.040546	2623.075	2475
AORD	−0.016793	1.072880	0.553147	8.880106	3781.326	2535
DAX	−0.033998	1.539663	−0.038525	8.105775	2773.715	2553