Table 2 Summary statistics: average daily returns and cross-sectional standard deviations
From: The effect of herd formation among healthcare investors on health sector growth in China
Industry | No. of firms | Observation | Mean return | Std. Dev |
|---|---|---|---|---|
Panel A: average daily return | ||||
 Healthcare facilities | 48 | 3990 | 0.016 % | 2.457 % |
 Medical equipment manufacture | 48 | 3990 | 0.026 | 2.404 |
 Medical supplies & distribution | 25 | 3990 | 0.028 | 2.745 |
 Pharmaceuticals diversified | 44 | 3990 | 0.014 | 2.774 |
 Pharmaceuticals generic and specialty | 44 | 3990 | 0.040 | 2.506 |
 Biotechnology | 14 | 3990 | 0.021 | 2.670 |
 Managed health care | 25 | 3990 | 0.045 | 2.476 |
 Diagnostic substances | 28 | 3990 | 0.004 | 4.019 |
 Medical laboratory and research | 41 | 3990 | 0.017 | 2.707 |
 Advanced medical equipment manufacture | 21 | 3990 | 0.044 | 2.827 |
 Healthcare Transportation | 4 | 3990 | 0.044 | 2.724 |
 Therapeutic Medicine | 9 | 3990 | 0.056 | 2.112 |
 Medical Tourism | 4 | 3990 | 0.056 | 4.106 |
 Other Medical Support services | 44 | 3990 | 0.051 | 4.184 |
Panel B: cross-sectional standard deviation | ||||
 Healthcare facilities |  |  | 1.558 % | 0. 911 % |
 Medical equipment manufacture |  |  | 1.989 | 0.705 |
 Medical supplies & distribution |  |  | 1. 995 | 0.725 |
 Pharmaceuticals diversified |  |  | 2.119 | 0.609 |
 Pharmaceuticals generic and specialty |  |  | 2.015 | 0.649 |
 Biotechnology |  |  | 1.958 | 0.790 |
 Managed health care |  |  | 1.924 | 0.649 |
 Diagnostic substances |  |  | 2.199 | 1.094 |
 Medical laboratory and research |  |  | 1.690 | 0. 915 |
 Advanced medical equipment manufacture |  |  | 1.917 | 0.746 |
 Healthcare Transportation |  |  | 1.914 | 0. 944 |
 Therapeutic Medicine |  |  | 1.405 | 0. 999 |
 Medical Tourism |  |  | 2.444 | 0.920 |
 Other Medical Support services |  |  | 2.424 | 0.740 |