Significance Level | Using Equation (1) | Using Equation (4) | ||

No. of Stocks | ${\beta}_{2}$ | No. of Stocks | ${\beta}_{2}$ | |

1% Level | 16 | 2.06% | 37 | 4.76% |

5% Level | 67 | 8.62% | 112 | 14.41% |

10% Level | 101 | 13.00% | 178 | 22.91% |