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Table 3 Regression coefficients for CSSD t  = α + β D D L t  + β U D U t  + ε t (R2-values in parentheses)

From: The effect of herd formation among healthcare investors on health sector growth in China

Return dispersions

Market return in the extreme upper/lower 1 % of the return distribution

Market return in the extreme upper/lower 5 % of the return distribution

Subsector

α

βD

βU

α

βD

βU

Healthcare facilities

1.554 %

0.145 %

0.194 %**

1.527 %

0.454 %***

0.169 %***

  

(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)

  1. (***, ** and * denote statistical significance at 1, 5 and 10 % respectively)