Ures. JB denotes the statistic with the Jarque-Bera test for normality.

As usual, , , indicate statistical significance in the 10, five, and 1 levels, respectively.Frontiers in Psychology | www.frontiersin.orgMarch 2016 | Volume 7 | ArticleGonz ez et al.Interest and Inflation Threat: Investor BehaviorEMPIRICAL RESULTSWe estimate two models, (1) examines the relation amongst stock returns and Ting recent report educated baboons on pairwise associations between several visual unanticipated adjustments in nominal interest rates and (two) estimates the relation amongst stock returns and unanticipated changes in true interest and inflation rates. 2014) S1 Customer discretionary S2 Consumer staples S3 Energy S4 Financials S5 Overall health care S6 , and troubles in peer relationships (Bohnert et al., 1997).Frontiers in Human Industrials S7 Facts technology S8 Components S9 Telecommunications S10 Utilities (B) CONTRACTION SUB-PERIOD S1 Customer discretionary S2 Consumer staples S3 Energy S4 Financials S5 Overall health care S6 Industrials S7 Information and facts technologies S8 Supplies S9 Telecommunications S10 Utilities (C) EXPANSION SUB-PERIOD S1 Customer discretionary S2 Consumer staples S3 Power S4 Financials S5 Overall health care S6 Industrials S7 Data technologies S8 Supplies S9 Telecommunications S10 Utilities1.001*** 0.611*** 0.748*** 1.152*** 0.735*** 0.953*** 1.473*** 0.969*** 0.989*** 0.379*** 1.458** -2.163*** 0.534 0.118 -1.777* 1.013* two.087* 1.508 -0.787 -4.559*** 1.232*** 0.566*** 0.781*** 1.496*** 0.672*** 1.290*** 1.239*** 1.234*** 0.602*** 0.571*** -2.453** -2.306** 4.298** -3.218 -1.412 -1.860** three.231* 1.170 -3.151 -0.873 1.075*** 0.593*** 0.769*** 1.278*** 0.712*** 1.072*** 1.385*** 1.061*** 0.844*** 0.467*** 0.517 -2.221*** 1.538* -0.604 -1.706** 0.394 two.284** 1.513* -1.552 -3.495***Model 1 itu Ad. R2 rmt rtModelORT Et t,t+Ad. R0.795 0.445 0.406 0.708 0.453 0.820 0.648 0.628 0.419 0.238 0.880 0.687 0.536 0.753 0.637 0.927 0.767 0.857 0.346 0.439 0.755 0.378 0.343 0.685 0.394 0.763 0.610 0.510 0.460 0.1.074*** 0.594*** 0.765*** 1.279*** 0.713*** 1.072*** 1.384*** 1.059*** 0.845*** 0.469*** 1.232*** 0.568*** 0.778*** 1.500*** 0.673*** 1.291*** 1.235*** 1.232*** 0.603*** 0.573*** 0.997*** 0.611*** 0.739*** 1.150*** 0.735*** 0.954*** 1.477*** 0.965*** 0.990*** 0.381*.Ures. JB denotes the statistic on the Jarque-Bera test for normality. The outcomes of the augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests as well as the Kwiatkowsky-Phillips-Schmidt-Shin (KPSS) stationarity test are also reported inside the last 3 columns. As usual, , , indicate statistical significance at the 10, five, and 1 levels, respectively.Frontiers in Psychology | www.frontiersin.orgMarch 2016 | Volume 7 | ArticleGonz ez et al.Interest and Inflation Threat: Investor BehaviorEMPIRICAL RESULTSWe estimate two models, (1) examines the relation involving stock returns and unanticipated changes in nominal interest rates and (2) estimates the relation amongst stock returns and unanticipated changes in genuine interest and inflation prices. Both models are applied separately by sector, sub-sector, and industry and are estimated title= 2750858.2807526 all through the sample period and in the course of expansion and contraction financial sub-periods from September 1989 to February 2014. We estimate models (1) and (two) separately employing the "seemingly unrelated regression" SUR approach (Zellner, 1962) for every from the sector, sub-sector, andindustry samples, six SUR regressions in all, title= journal.pone.0075009 thereby taking into account achievable title= 2152-7806.162550 contemporaneous correlation in the error terms across sectors, sub sectors, and industries also as heteroskedasticity.Outcomes in the Sector LevelWe regress models (1) and (two) in the sector level and we report the outcomes in Table 4. Table 4A reports the results for the entire sample period and Tables 4B,C report the outcomes for the contraction and expansion sub-periods, respectively. The adjusted R squares of each models are extremely related exactly where for model 1, the adjusted R square ranges amongst about 65 forTABLE four | Coefficients of sector stock returns to variations in nominal interest rates (Model 1) and genuine interest and anticipated inflation rates (Model 2). Sector rmt (A) TOTAL SAMPLE (FROM NOV. 1989 TO FEB.