t

manufacturing

service

wholesale and retail

natural resources

mean

t-statistics

p-statistics

mean

t-statistics

p-statistics

mean

t-statistics

p-statistics

mean

t-statistics

p-statistics

−30

0.0028

(1.1310)

(0.2588)

0.0063**

(2.1788)

(0.0302)

−0.0186***

(−2.7762)

(0.0086)

0.0004

(0.0551)

(0.9564)

−29

−0.0038

(−1.5727)

(0.1166)

−0.0042

(−1.6029)

(0.1102)

−0.0082**

(−2.0374)

(0.0488)

−0.0055

(−0.5942)

(0.5559)

−28

−0.0024

(−0.8491)

(0.3964)

0.0002

(0.0652)

(0.9480)

−0.0110

(−1.3604)

(0.1819)

−0.0186

(−1.3814)

(0.1752)

−27

0.0073***

(2.6028)

(0.0096)

−0.0002

(−0.0922)

(0.9266)

−0.0048

(−0.5399)

(0.5925)

−0.0200**

(−2.1095)

(0.0415)

−26

0.0030

(0.8813)

(0.3787)

0.0015

(0.6586)

(0.5108)

0.0043

(0.5049)

(0.6166)

0.0080

(0.8202)

(0.4172)

−25

0.0000

(0.0168)

(0.9866)

0.0043

(1.5212)

(0.1294)

0.0035

(0.3473)

(0.7304)

0.0046

(0.5188)

(0.6069)

−24

−0.0002

(−0.0918)

(0.9269)

0.0025

(0.9355)

(0.3504)

−0.0010

(−0.0892)

(0.9294)

−0.0118

(−1.3479)

(0.1857)

−23

0.0021

(0.7800)

(0.4359)

−0.0005

(−0.2294)

(0.8187)

0.0174

(1.2750)

(0.2103)

−0.0071

(−0.7756)

(0.4428)

−22

0.0029

(1.1105)

(0.2675)

−0.0034

(−1.4219)

(0.1563)

0.0040

(0.7991)

(0.4293)

−0.0042

(−0.7497)

(0.4580)

−21

0.0000

(0.0091)

(0.9927)

0.0001

(0.0222)

(0.9823)

−0.0055

(−0.9466)

(0.3500)

0.0110*

(1.8804)

(0.0677)

−20

−0.0025

(−0.8474)

(0.3973)

−0.0015

(−0.5915)

(0.5547)

0.0129

(1.3766)

(0.1769)

−0.0049

(−0.7938)

(0.4322)

−19

0.0043

(1.5266)

(0.1277)

0.0009

(0.2649)

(0.7913)

−0.0049

(−0.6249)

(0.5359)

0.0111

(1.6566)

(0.1058)

−18

−0.0001

(−0.0182)

(0.9855)

0.0044*

(1.7683)

(0.0782)

−0.0007

(−0.0930)

(0.9264)

−0.0028

(−0.2821)

(0.7794)

−17

−0.0020

(−0.7900)

(0.4300)

−0.0043*

(−1.6972)

(0.0909)

−0.0043

(−0.6581)

(0.5145)

−0.0028

(−0.2411)

(0.8108)

−16

0.0071***

(2.8536)

(0.0046)

0.0023

(0.7828)

(0.4344)

0.0020

(0.3501)

(0.7283)

0.0046

(0.8002)

(0.4286)

−15

−0.0021

(−0.8954)

(0.3711)

0.0043*

(1.6714)

(0.0958)

0.0002

(0.0414)

(0.9672)

0.0125

(0.9531)

(0.3466)

−14

0.0040

(0.9495)

(0.3429)

0.0030

(0.9731)

(0.3314)

0.0118

(1.5352)

(0.1332)

−0.0030

(−0.5609)

(0.5782)

−13

−0.0015

(−0.6061)

(0.5448)

0.0055

(1.3559)

(0.1763)

0.0108

(1.0918)

(0.2820)

0.0022

(0.3842)

(0.7030)

−12

0.0046*

(1.8785)

(0.0611)

0.0016

(0.6164)

(0.5382)

0.0023

(0.3457)

(0.7316)

0.0048

(1.1614)

(0.2527)

−11

0.0069*

(1.9652)

(0.0501)

0.0030

(1.1902)

(0.2351)

0.0116*

(1.8380)

(0.0741)

0.0016

(0.2952)

(0.7694)

−10

0.0029

(0.9929)

(0.3214)

0.0015

(0.6620)

(0.5086)

0.0153

(1.0909)

(0.2824)

−0.0016

(−0.3871)

(0.7009)

−9

0.0036

(1.1893)

(0.2351)

0.0002

(0.0604)

(0.9519)

−0.0080

(−1.1540)

(0.2559)

0.0000

(0.0028)

(0.9978)

−8

0.0080***

(2.6514)

(0.0083)

0.0033

(1.2606)

(0.2086)

0.0058

(1.0970)

(0.2797)

0.0002

(0.0398)

(0.9685)

−7

0.0038

(1.4788)

(0.1400)

0.0031

(1.1630)

(0.2459)

0.0110

(1.4749)

(0.1487)

−0.0039

(−0.5708)

(0.5715)

−6

0.0047

(1.6287)

(0.1042)

0.0014

(0.5102)

(0.6104)

−0.0036

(−0.4907)

(0.6265)

0.0090

(1.3025)

(0.2006)

−5

0.0114***

(4.0819)

(0.0001)

0.0066*

(1.8834)

(0.0608)

0.0006

(0.0807)

(0.9361)

0.0000

(0.0048)

(0.9962)

−4

0.0069**

(2.5134)

(0.0124)

0.0083***

(3.1128)

(0.0021)

0.0084

(1.5665)

(0.1258)

0.0016

(0.2785)

(0.7821)

−3

0.0086***

(2.9864)

(0.0030)

0.0078**

(2.4775)

(0.0139)

0.0096

(1.0778)

(0.2881)

−0.0021

(−0.3056)

(0.7616)

−2

0.0122***

(3.9241)

(0.0001)

0.0069**

(2.1961)

(0.0290)

0.0197**

(2.3544)

(0.0240)

0.0066

(1.0033)

(0.3221)

−1

0.0235***

(6.3705)

(0.0000)

0.0149***

(4.1262)

(0.0000)

0.0266**

(2.2648)

(0.0295)

−0.0063

(−0.6239)

(0.5364)

0

0.1643***

(12.9540)

(0.0000)

0.1093***

(10.7572)

(0.0000)

0.1409***

(4.1239)

(0.0002)

0.0820***

(3.6075)

(0.0009)

1

0.0370***

(4.7043)

(0.0000)

0.0174***

(3.2828)

(0.0012)

0.0119

(0.7287)

(0.4708)

0.0209

(1.1041)

(0.2765)

2

−0.0039**

(−2.1151)

(0.0350)

−0.0000

(−0.0200)

(0.9840)

−0.0032

(−0.8685)

(0.3907)

0.0118

(1.4018)

(0.1691)

3

0.0001

(0.0379)

(0.9698)

0.0021

(1.0258)

(0.3059)

−0.0001

(−0.0375)

(0.9703)

−0.0008

(−0.0911)

(0.9279)

4

−0.0025

(−1.2866)

(0.1990)

−0.0023

(−1.2812)

(0.2013)

0.0008

(0.2004)

(0.8423)

−0.0101**

(−2.3482)

(0.0242)