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Table 4 Regression coefficients for CSAD t  = α + γ 1|r m. t | + γ 2 r 2 m. t  + ε t (R2-values in parentheses)

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

Absolute deviation

Whole sample

Down market (Rm < 0)

Up market (Rm > 0)

Industry

α

γ1

γ2

α

γ1

γ2

α

γ1

γ2

Healthcare facilities

1.016

0.162***

−0.017***

1.002

0.117***

−0.029***

1.046

0.095**

−0.004

  

(.799)

(.534)

 

(.831)

(.727)

 

(.695)

(.856)

Medical equipment manufacture

1.196

0.194***

−0.014**

1.174

0.165***

−0.024***

1.121

0.117***

0.0004

  

(.860)

(.841)

 

(.849)

(.835)

 

(.802)

(.823)

Medical supplies & distribution

1.111

0.404***

−0.044***

1.177

0.471***

−0.056***

1.146

0.121***

−0.029***

  

(.789)

(.685)

 

(.895)

(.869)

 

(.827)

(.820)

Pharmaceuticals diversified

1.494

0.129***

−0.040***

1.470

0.171***

−0.049***

1.421

0.169***

−0.017***

  

(.672)

(.674)

 

(.851)

(.812)

 

(.813)

(.821)

Pharmaceuticals generic and specialty

1.424

0.106***

−0.022***

1.407

0.157***

−0.042***

1.445

0.144***

−0.009

  

(.725)

(.851)

 

(.703)

(.805)

 

(.668)

(.811)

Biotechnology

1.196

0.195***

−0.027***

1.177

0.157***

−0.049***

1.421

0.122***

−0.014

  

(.722)

(.847)

 

(.802)

(.637)

 

(.804)

(.773)

Managed health care

1.144

0.142***

−0.040***

1.109

0.420***

−0.042***

1.160

0.161***

−0.017***

  

(.703)

(.840)

 

(.822)

(.645)

 

(.731)

(.819)

Diagnostic substances

1.545

0.101***

−0.024**

1.551

0.146***

−0.044**

1.544

0.145***

−0.009

  

(.846)

(.824)

 

(.665)

(.725)

 

(.696)

(.822)

Medical laboratory and research

1.124

0.104***

−0.046***

1.105

0.157***

−0.044***

1.144

0.146***

−0.027***

  

(.837)

(.811)

 

(.736)

(.666)

 

(.773)

(.766)

Advanced medical equipment manufacture

1.154

0.141***

−0.029***

1.155

0.402***

−0.044***

1.155

0.149***

−0.011

  

(.660)

(.875)

 

(.748)

(.812)

 

(.768)

(.812)

Healthcare Transportation

1.147

0.171***

−0.045***

1.141

0.447***

−0.057***

1.166

0.194***

−0.044***

  

(.860)

(.651)

 

(.806)

(.805)

 

(.745)

(.725)

Therapeutic Medicine

0.924

0.125***

−0.007

0.771

0.124***

−0.027***

0.977

0.002

0.020**

  

(.894)

(.749)

 

(.783)

(.839)

 

(.637)

(.762)

Medical Tourism

1.597

0.175***

−0.057***

1.577

0.194***

−0.060***

1.617

0.157***

−0.057***

  

(.564)

(。627)

 

(.807)

(.890)

 

(.757)

(.826)

Other Medical support services

1.446

0.192***

−0.017***

1.426

0.147***

−0.024***

1.465

0.147***

−0.012*

  

(.590)

(.628)

 

(.636)

(.642)

 

(.734)

(.857)

  1. (***, **, and * denote statistical significance at 1, 5, and 10 %, respectively)
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International Journal for Equity in Health

ISSN: 1475-9276

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