Table 3: Nonparametric Statistics ( Test for Uniform Parameters) of Market Return.

Group PolicyTime RangeAbsolutePositiveNegative -Tailed

Group Policy 11/1/1994–23/8/19950.339240.33924−0.320167.244160.00000
Group Policy 21/1/1994–23/6/19960.347350.34735−0.322908.801060.00000
Group Policy 31/1/1994–17/2/19970.413150.41315−0.2833911.888330.00000
Group Policy 41/1/1994–23/5/19980.397440.39744−0.2448913.460250.00000
Group Policy 51/1/1994–27/4/19990.348070.34807−0.3357213.009630.00000
Group Policy 61/1/1994–6/12/19990.353260.35326−0.3411713.956990.00000
Group Policy 71/1/1994–17/1/20010.359910.35991−0.3500915.559710.00000
Group Policy 81/1/1994–11/12/20010.602200.60220−0.1939527.668330.00000
Group Policy 91/1/1994–29/3/20020.603470.60347−0.1948728.247330.00000
Group Policy 101/1/1994–15/10/20040.150510.15051−0.136728.113800.00000
Group Policy 111/1/1994–31/12/20050.612170.61217−0.2012634.661790.00000