From: The effect of herd formation among healthcare investors on health sector growth in China
Return dispersions | Market return in the extreme upper/lower 1Â % of the return distribution | Market return in the extreme upper/lower 5Â % of the return distribution | ||||
---|---|---|---|---|---|---|
Subsector | α | βD | βU | α | βD | βU |
Healthcare facilities | 1.554Â % | 0.145Â % | 0.194Â %** | 1.527Â % | 0.454Â %*** | 0.169Â %*** |
 |  | (0.586) | (0.649) |  | (0.573) | (0.724) |
Medical equipment manufacture | 1.857 | 0.699*** | 0.442*** | 1.724 | 0.541*** | 0.451*** |
 |  | (0.830) | (0.828) |  | (0.979) | (0.681) |
Medical supplies & distribution | 1.794 | 0.167 | 0.026 | 1.757 | 0.497*** | 0.160*** |
 |  | (0.549) | (0.520) |  | (0.570) | (0.524) |
Pharmaceuticals diversified | 2.116 | 0.146 | 0.149* | 2.090 | 0.449*** | 0.142*** |
 |  | (0.669) | (0.596) |  | (0.738) | (0.665) |
Pharmaceuticals generic and specialty | 2.009 | 0.144* | 0.404*** | 1.970 | 0.402*** | 0.175*** |
 |  | (0.684) | (0.549) |  | (0.949) | (0.693) |
Biotechnology | 1.955 | 0.079 | 0.016 | 1.927 | 0.422*** | 0.147*** |
 |  | (0. 638) | (0.742) |  | (0.561) | (0.563) |
Managed health care | 1.919 | 0.479*** | 0.044 | 1.790 | 0.476*** | 0.194*** |
 |  | (0.915) | (0.671) |  | (0.563) | (0.899) |
Diagnostic substances | 2.196 | 0.079 | 0.176 | 2.162 | 0.441*** | 0.404*** |
 |  | (0. 908) | (0.695) |  | (0.539) | (0.921) |
Medical laboratory and research | 1.691 | −0.0002 | −0.074 | 1.670 | 0.407*** | 0.099 |
 |  | (0.826) | (0.750) |  | (0.570) | (0.537) |
Advanced medical equipment manufacture | 1.914 | 0.076 | 0.165 | 1.771 | 0.404*** | 0.414*** |
 |  | (0.827) | (0.619) |  | (0.599) | (0.636) |
Healthcare Transportation | 1.916 | 0.061 | −0.119* | 1.776 | 0.456*** | 0.114* |
 |  | (0.612) | (0.853) |  | (0. 618) | (0.808) |
Therapeutic Medicine | 1.495 | 0.492* | 0.569*** | 1.467 | 0.479*** | 0.175*** |
 |  | (0.971) | (0.520) |  | (0.798) | (0.971) |
Medical Tourism | 2.440 | −0.479*** | −0.475*** | 2.419 | 0.069 | −0.012 |
 |  | (0.949) | (0.911) |  | (0.736) | (0.568) |
Other Medical support services | 2.067 | 0.447*** | 0.110*** | 2.041 | 0.417*** | 0.121*** |
 |  | (0.806) | (0.663) |  | (0.793) | (0.949) |