Table 8.
Descriptive statistics of the global ratio for sector portfolios including control sectors during the period December 2019 - April 2021. This table offers information on the descriptive statistics of the global ratio of the three sector portfolios under study (financial, healthcare and pharmaceutical) and four control sectors (materials, technology, energy and real estate). Tests for the equality of means (t-Test), variances (F-test) and medians (W-test) between the Pharmaceutical portfolio and the rest of the sector portfolios are also provided. Note that the p-values relative to such test are presented in parentheses. *, ** and *** reveal statistical significance at the 10%, 5% and 1% levels, respectively. The Student's T-test is a parametric approach that analyzes the mean of related samples and determines whether there is a difference between them, while the non-parametric Wilcoxon test (W-test) does the same for medians. The F-test for equality of variances is a parametric test for the null hypothesis that two normal series exhibit the same variance.
| Mean | Std. Dev. | Max. | Min. | Q1 | Q2 | Q3 | |
|---|---|---|---|---|---|---|---|
| Financial portfolio | −1.2547 | 0.6450 | 0.1967 | −2.5757 | −1.4693 | −1.3250 | −0.9325 |
| t, F, W tests | −6.2447 | 1.3319 | 24 | ||||
| (0.0000)*** | (0.5732) | (0.0000)*** | |||||
| Healthcare portfolio | −0.1187 | 1.1316 | 0.5621 | −3.9511 | 0.0606 | 0.2032 | 0.4237 |
| t, F, W tests | −0.5120 | 4.0995 | 165 | ||||
| (0.6135) | (0.0075)*** | (0.4958) | |||||
| Materials portfolio | 0.3072 | 0.7398 | 1.5772 | −1.8679 | 0.0957 | 0.4571 | 0.6318 |
| t, F, W tests | 1.1970 | 1.752 | 200 | ||||
| (0.2407) | (0.2726) | (0.0575)*** | |||||
| Technology portfolio | 1.7406 | 0.8756 | 4.4877 | 0.1793 | 1.2676 | 1.6857 | 1.9634 |
| t, F, W tests | 6.7582 | 2.4542 | 280 | ||||
| (0.0000)*** | (0.0819)* | (0.0000)*** | |||||
| Energy portfolio | 0.3161 | 2.8707 | 11.3633 | −1.5268 | −0.4277 | −0.3043 | −0.1428 |
| t, F, W tests | 0.3921 | 26.381 | 45 | ||||
| (0.00001)*** | (0.0000)** | (0.0003)*** | |||||
| Real estate portfolio | −0.8389 | 1.0616 | 0.1925 | −4.3643 | −0.8891 | −0.7081 | −0.3438 |
| t, F, W tests | −3.0136 | 3.608 | 36 | ||||
| (0.006)*** | (0.01435)** | (0.0001)*** | |||||
| Pharmaceutical portfolio | 0.0380 | 0.5589 | 0.4954 | −2.0410 | 0.0741 | 0.1805 | 0.2146 |