Table 6: Parametric Statistics (Autoregression Test) of Market Return.

PolicyModelCoefficientSEB -RatioApprox. Prob.

Constant0.0009$0.00051.80780.0713
Group Policy 1Market Return ( )0.2786*0.04695.94390.0000
Market Return ( )0.06450.04631.39340.1642

Constant0.0009$0.00042.26310.0240
Group Policy 2Market Return ( )0.2735*0.03966.90790.0000
Market Return ( )0.03950.03921.00720.3142

Constant0.0009$0.00051.90840.0567
Group Policy 3Market Return ( )0.5563*0.034716.04210.0000
Market Return ( )−0.0868$0.0348−2.49570.0128

Constant0.00020.00050.41090.6812
Group Policy 4Market Return ( )0.4660*0.029315.92740.0000
Market Return ( )−0.1595*0.0292−5.45900.0000

Constant0.00010.00040.17040.8647
Group Policy 5Market Return ( )0.4181*0.026515.77130.0000
Market Return ( )−0.1438*0.0265−5.43160.0000

Constant0.00010.00040.18600.8525
Group Policy 6Market Return ( )0.4098*0.025116.33210.0000
Market Return ( )−0.1381*0.0251−5.51130.0000

Constant0.00020.00040.49850.6182
Group Policy 7Market Return ( )0.3795*0.023016.52990.0000
Market Return ( )−0.1274*0.0229−5.55560.0000

Constant0.00030.00040.70310.4821
Group Policy 8Market Return ( )0.3000*0.021713.83540.0000
Market Return ( )−0.0928*0.0217−4.28160.0000

Constant0.00020.00040.67050.5026
Group Policy 9Market Return ( )0.2991*0.021314.05040.0000
Market Return ( )−0.0924*0.0213−4.34700.0000

Constant0.00040.00031.41600.1569
Group Policy 10Market Return ( )0.2914*0.018515.75680.0000
Market Return ( )−0.0850*0.0185−4.59780.0000

Constant0.00030.00031.33860.1808
Group Policy 11Market Return ( )0.2774*0.017615.74980.0000
Market Return ( )−0.0832*0.0176−4.72740.0000

*Denotes significant at 1% level and $denotes significant at 10% level.