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Table 6 State space model 2 (R2-values in parentheses) log[Std c (β b imt )] = μ m  + H mt  + c m1 log σ mt  + c m2 r mt  + υ mt and H mt  = ϕ m H mt − 1 + η mt

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

Industry

μ m

Ï• m

σ 2 mυ

σ 2 mη

log σ mt

r mt

Healthcare facilities

0.451***

0.941***

0.075***

0.097***

0.659***

−0.005

 

(.569)

(.542)

(0.903)

(.820)

(.659)

(.580)

Medical equipment manufacture

0.879***

0.941***

0.019***

0.091***

0.672***

0.005

 

(.816)

(.509)

(.785)

(.690)

(.053)

(.614)

Medical supplies & distribution

−0.747***

0.944***

0.047***

0.091***

−0.151***

0.046

 

(.739)

(.600)

(.0523)

(.875)

(.532)

(.518)

Pharmaceuticals diversified

0.897***

0.957***

0.040***

0.067***

0.776***

0.027

 

(.846)

(.697)

(.817)

(.647)

(.557)

(.657)

Pharmaceuticals generic and specialty

−0.706***

0.914***

0.054***

0.114***

−0.057***

−0.069

 

(.847)

(.684)

(.710)

(.567)

(.769)

(.739)

Biotechnology

1.447***

0.917***

0.015***

0.064***

1.657***

0.047

 

(.542)

(.910)

(.812)

(.536)

(.566)

(.588)

Managed health care

−1.627***

0.950***

0.024***

0.072***

−0.545***

0.026

 

(.814)

(.596)

(.640)

(.714)

(.984)

(.717)

Diagnostic substances

1.440***

0.917***

0.072***

0.142***

1.092***

−0.067

 

(.586)

(.635)

(.671)

(.812)

(.938)

(.814)

Medical laboratory and research

−2.479***

0.792***

0.070***

0.164***

−0.970***

−0.092

 

(.701)

(.598)

(。673)

(.530)

(.633)

(.636)

Advanced medical equipment manufacture

−1.470***

0.945***

0.047***

0.104***

−0.429***

0.029

 

(.782)

(.609)

(.795)

(.618)

(.598)

(.814)

Healthcare Transportation

−0.471***

0.907***

0.100***

0.165***

0.111***

0.006

 

(.657)

(.740)

(.561)

(.767)

(.840)

(.733)

Therapeutic Medicine

−0.541***

0.919***

0.021***

0.072***

−0.047***

0.017

 

(.556)

(.592)

(.542)

(.642)

(.870)

(.543)

Medical Tourism

0.471

0.997***

0.047***

0.054***

1.022*

0.007

 

(.748)

(.538)

(.640)

(.539)

(.529)

(.626)

Other Medical support services

−0.547***

0.954***

0.074***

0.095***

0.014

0.147

 

(.512)

(.719)

(.976)

(.529)

(.944)

(.727)

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