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# Table 6 Second-stage regression—full sample

\(r^{*}_{f,t+1}+E_{t}\left [\triangle e_{t+1}\right ]-r_{f,t+1}\) | \(E_{t}\left [\triangle e_{t+1}\right ] = \triangle e_{t+1}\) | \(E_{t}\left [\triangle e_{t+1}\right ] = 0 \) | \(E_{t}\left [\triangle e_{t+1}\right ] = \widehat {E_{t}[\triangle e_{t+1}]} \) | ||||||
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\( + \frac {1}{2} \widetilde {Var_{t}} \left (\triangle e_{t+1} \right)\) | USD Index | CHF Index | EUR/CHF | USD Index | CHF Index | EUR/CHF | USD Index | CHF Index | EUR/CHF |

\(\widetilde {Cov_{t}} \left (r_{t+1}^{\omega }, \triangle e_{t+1} \right)\) | 6.491** | −22.703*** | −15.975*** | 1.047*** | −1.582** | −0.963*** | 0.992 | −10.663*** | −2.053 |

[3.572] | [8.740] | [6.740] | [0.375] | [0.692] | [0.406] | [1.115] | [4.343] | [1.633] | |

Cons
| 0.000 | 0.004*** | 0.003** | 0.000 | 0.002*** | 0.002*** | 0.001*** | 0.002** | 0.000 |

[0.001] | [0.002] | [0.001] | [0.000] | [0.000] | [0.000] | [0.000] | [0.001] | [0.000] | |

J-statistic | 4.097 | 0.825 | 1.390 | 4.369 | 0.894 | 1.880 | 5.439 | 1.141 | 5.269 |

p value
| 0.393 | 0.935 | 0.846 | 0.358 | 0.925 | 0.758 | 0.245 | 0.888 | 0.261 |