Before the issuing of open-ended funds

After the release of the open-ended funds

Full sample A

Sub-sample A 1

Sub-sample A 2

Full sample B

Sub-sample B 1

Sub-sample B 2

t-Statistic

−35.33842

−21.83044

−22.18491

−51.41401

−24.29083

−16.11017

Test

critical

value

1% level

−3.435559

−3.443442

−3.443281

−3.432612

−3.441493

−3.456302

5% level

−2.863728

−2.867207

−2.867136

−2.862425

−2.866348

−2.872857

10% level

−2.567985

−2.569850

−2.569812

−2.567286

−2.569390

−2.572875