Order of SD

Null Hypothesis

Series 1

(f)

Series 2

(g)

Statistics

Bottom 5%

Top 5%

PV

1

McFadden

Value-Low

S&P500

0.808

0.000

0.485

0.000

1

(g) dominates (f)

Value-Low

S&P500

0.808

0.000

0.485

0.000

1

(f) dominates (g)

Value-Low

S&P500

0.866

0.121

0.849

0.000

2

McFadden

Value-Low

S&P500

0.000

0.000

0.121

0.459

2

(g) dominates (f)

Value-Low

S&P500

0.000

0.000

0.121

0.459

2

(f) dominates (g)

Value-Low

S&P500

6.062

0.243

1.576

0.000

1

McFadden

Growth-Low

S&P500

0.231

0.121

0.243

0.408

1

(g) dominates (f)

Growth-Low

S&P500

0.231

0.121

0.243

0.408

1

(f) dominates (g)

Growth-Low

S&P500

0.924

0.121

0.485

0.000

2

McFadden

Growth-Low

S&P500

0.866

0.000

0.364

0.000

2

(g) dominates (f)

Growth-Low

S&P500

0.866

0.000

0.364

0.000

2

(f) dominates (g)

Growth-Low

S&P500

3.060

0.000

0.849

0.000

1

McFadden

Value-High

S&P500

0.866

0.121

0.364

0.000

1

(g) dominates (f)

Value-High

S&P500

0.924

0.121

0.485

0.000

1

(f) dominates (g)

Value-High

S&P500

0.866

0.121

0.728

0.000

2

McFadden

Value-High

S&P500

0.693

0.000

0.364

0.000

2

(g) dominates (f)

Value-High

S&P500

0.693

0.000

0.485

0.009

2

(f) dominates (g)

Value-High

S&P500

5.427

0.243

1.213

0.000

1

McFadden

Growth-High

S&P500

0.404

0.121

0.364

0.021

1

(g) dominates (f)

Growth-High

S&P500

0.404

0.121

0.485

0.064

1

(f) dominates (g)

Growth-High

S&P500

0.866

0.121

0.364

0.000

2

McFadden

Growth-High

S&P500

0.115

0.000

0.364

0.751

2

(g) dominates (f)

Growth-High

S&P500

3.406

0.000

0.606

0.000

2

(f) dominates (g)

Growth-High

S&P500

0.115

0.000

0.606

0.850