Characteristics | Equally Weighted Return Analysis on the basis of Derivatives Usage | ||||
Equally weighted returns | Bank Nifty Index | Hedging | Hedging & Trading | No Use | |
αi | −0.044** | −0.027 | −0.043* | −0.035* | −0.056** |
−(2.397) | −(1.389) | −(1.898) | −(1.963) | −(2.479) | |
βm | 1.266*** | 1.236*** | 1.180*** | 1.272*** | 1.316*** |
(16.138) | (14.965) | (11.963) | (16.329) | (13.454) | |
βb | 6.667** | 4.408 | 6.886* | 5.498* | 8.292* |
(2.157) | (1.354) | (1.772) | (1.791) | (2.151) | |
R-Square | 0.820 | 0.797 | 0.715 | 0.824 | 0.761 |
N | 39 Banks | 8 Banks | 19 Banks | 12 Banks |