| 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 |