Table 4: Nonparametric Statistics (Run Test) of Market Return.

Group PolicyTime RangeTotal Number of Runs (Mean) Asymp. Sig. (2-tailed)

Group Policy 11/1/1994–23/8/1995149−7.060760.00000
Group Policy 21/1/1994–23/6/1996211–8.303940.00000
Group Policy 31/1/1994–17/2/1997255–10.886980.00000
Group Policy 41/1/1994–23/5/1998386–11.107420.00000
Group Policy 51/1/1994–27/4/1999489–11.200180.00000
Group Policy 61/1/1994–6/12/1999556–11.363640.00000
Group Policy 71/1/1994–17/1/2001686–11.509430.00000
Group Policy 81/1/1994–11/12/2001786–11.675860.00000
Group Policy 91/1/1994–29/3/2002825–11.502510.00000
Group Policy 101/1/1994–15/10/20041092–13.273370.00000
Group Policy 111/1/1994–31/12/20051222–13.387510.00000