Characteristics

Equally Weighted Return Analysis on the basis of Derivatives Usage

Equally weighted returns

Bank Nifty Index

Hedging

Hedging & Trading

No Use

α_i

−0.044**

−0.027

−0.043*

−0.035*

−0.056**

−(2.397)

−(1.389)

−(1.898)

−(1.963)

−(2.479)

β_m

1.266***

1.236***

1.180***

1.272***

1.316***

(16.138)

(14.965)

(11.963)

(16.329)

(13.454)

β_b

6.667**

4.408

6.886*

5.498*

8.292*

(2.157)

(1.354)

(1.772)

(1.791)

(2.151)

R-Square

0.820

0.797

0.715

0.824

0.761

N

39 Banks

8 Banks

19 Banks

12 Banks