Table 2: Nonparametric Statistics ( Test for Normal Parameters) of Market Return.

Group PolicyTime RangeAbsolutePositiveNegative -Tailed

Group Policy 11/1/1994–23/8/19950.151380.15138−0.119553.232650.00000
Group Policy 21/1/1994–23/6/19960.127240.12724−0.113773.223920.00000
Group Policy 31/1/1994–17/2/19970.149620.14962−0.147574.305410.00000
Group Policy 41/1/1994–23/5/19980.137050.13705−0.123884.641620.00000
Group Policy 51/1/1994–27/4/19990.147210.14721−0.125555.502150.00000
Group Policy 61/1/1994–6/12/19990.149800.14980−0.130605.918440.00000
Group Policy 71/1/1994–17/1/20010.154370.15437−0.136686.673800.00000
Group Policy 81/1/1994–11/12/20010.157720.15772−0.138907.246640.00000
Group Policy 91/1/1994–29/3/20020.156710.15671−0.136767.335120.00000
Group Policy 101/1/1994–15/10/20040.150510.15051−0.136728.113800.00000
Group Policy 111/1/1994–31/12/20050.141960.14196−0.131748.038090.00000