Table 1: Descriptive Statistics of Market Return.

Group PolicyTime RangeMeanMedianStd. DeviationMinimumMaximumSkewnessKurtosis

Group Policy 11/1/1994–23/8/19950.001370.000210.01084−0.054400.061311.362229.01075
Group Policy 21/1/1994–23/6/19960.001310.000280.01020−0.054400.061311.123338.86883
Group Policy 31/1/1994–17/2/19970.001760.000600.01601−0.091970.124070.697529.25702
Group Policy 41/1/1994–23/5/19980.000280.000000.01873−0.091970.124070.266925.49108
Group Policy 51/1/1994–27/4/19990.00010−0.000070.01809−0.121410.124070.284247.82150
Group Policy 61/1/1994–6/12/19990.00010−0.000050.01730−0.121410.124070.293048.60001
Group Policy 71/1/1994–17/1/20010.000240.000000.01668−0.121410.124070.3921310.05093
Group Policy 81/1/1994–11/12/20010.000320.000000.01736−0.121410.292152.5829144.98335
Group Policy 91/1/1994–29/3/20020.000300.000000.01711−0.121410.292152.6053346.06111
Group Policy 101/1/1994–15/10/20040.000490.000040.01539−0.121410.292152.6715753.41117
Group Policy 111/1/1994–31/12/20050.000430.000050.01524−0.121410.292152.4636150.82774