Table 3. Mean and standard deviation of breadth change in each year.

This table shows the cross-sectional mean and standard deviation (in parentheses below the mean) of the six kinds of breadth change within each year. The means and standard deviations are calculated separately within each month, and we report the time-series average of these means and standard deviations within each year.

	Equal-weighted breadth change			Wealth-weighted breadth change
	Total	Retail	Inst.	Total	Retail	Inst.
1996	−0.009	−0.009	−0.069	−0.126	−0.111	−0.446
	(0.177)	(0.177)	(0.486)	(0.455)	(0.461)	(2.505)
1997	0.014	0.014	−0.020	−0.034	−0.033	−0.005
	(0.113)	(0.113)	(0.296)	(0.221)	(0.224)	(1.508)
1998	0.000	0.000	−0.016	−0.027	−0.025	−0.147
	(0.069)	(0.069)	(0.200)	(0.198)	(0.133)	(4.509)
1999	−0.002	−0.002	−0.013	−0.033	−0.025	−0.167
	(0.054)	(0.054)	(0.159)	(0.295)	(0.097)	(5.160)
2000	0.001	0.001	−0.015	−0.035	−0.023	−0.175
	(0.069)	(0.069)	(0.188)	(0.295)	(0.106)	(3.884)
2001	0.002	0.002	−0.012	−0.024	−0.010	−0.211
	(0.025)	(0.025)	(0.130)	(0.168)	(0.044)	(2.503)
2002	−0.001	−0.001	−0.003	−0.026	−0.008	−0.158
	(0.014)	(0.014)	(0.129)	(0.214)	(0.035)	(2.536)
2003	−0.001	−0.001	−0.013	−0.070	−0.010	−0.525
	(0.018)	(0.018)	(0.207)	(0.286)	(0.061)	(2.246)
2004	0.000	0.000	−0.005	−0.020	−0.009	−0.067
	(0.020)	(0.020)	(0.222)	(0.286)	(0.051)	(1.607)
2005	−0.001	−0.001	−0.003	0.000	−0.005	0.009
	(0.012)	(0.012)	(0.192)	(0.329)	(0.054)	(1.291)
2006	−0.002	−0.002	−0.005	−0.017	−0.016	−0.014
	(0.034)	(0.034)	(0.220)	(0.450)	(0.104)	(1.452)
2007	0.004	0.004	0.003	−0.017	−0.024	0.000
	(0.068)	(0.068)	(0.148)	(0.569)	(0.112)	(1.474)