Date

Numbers of shares in the sample

Average annual return

Average annual return skewness

MV

BTM

1992

302

−0.0679

−0.0606

659.40

1.2294

1993

315

0.3504

0.1170

869.30

0.9202

1994

334

−0.0420

1.5075

860.21

0.8775

1995

347

−0.0887

0.2484

822.05

1.0251

1996

546

0.1760

0.2888

732.71

0.9577

1997

627

0.1466

−0.1441

894.61

0.8297

1998

737

0.0906

−1.0023

1023.12

0.7306

1999

803

0.2144

0.7631

1569.31

0.7169

2000

861

−0.0060

1.0624

1697.98

0.6730

2001

855

−0.2597

−0.9607

1407.38

1.0782

2002

795

−0.3234

−0.6019

1179.36

1.0866

2003

767

0.2030

−0.3242

1333.34

0.8656

2004

739

0.1849

−0.1132

1527.50

0.7226

2005

746

0.2304

0.2720

1911.92

0.7028

2006

811

0.1571

−0.4414

2128.03

0.6415

2007

825

−0.0404

−0.3787

2241.29

0.6677

2008

756

−0.6634

−0.5796

1353.78

1.3195

2009

751

0.2683

0.2072

1735.53

1.0409

2010

732

0.0831

−0.8367

1707.00

1.1484

2011

698

−0.1384

−0.7039

1528.81

1.2056

2012

685

−0.2805

0.4579

1490.94

1.2830