Table 8.  Average Returns above Alternative Market Benchmark Prices for Market Advisory Services, Corn, 1995 - 1998
             
Average
Number of Return above
Market Benchmark/ Advisory Benchmark Standard Two-tail
Sample Period Services Price Deviation t-statistic p-value  
-----percent-----
24-Month Average
1995 25 3.97 11.10 1.79 0.09 *
1996 26 -1.23 8.49 -0.74 0.47
1997 23 -0.54 7.83 -0.33 0.75
1998 23 -3.49 6.65 -2.51 0.02 **
1995-1998 97 -0.26 9.01 -0.29 0.78
20-Month Average
1995 25 -1.73 11.10 -0.78 0.44
1996 26 -1.61 8.49 -0.97 0.34
1997 23 2.07 7.83 1.27 0.22
1998 23 2.02 6.65 1.45 0.16
1995-1998 97 0.09 8.79 0.10 0.92
16-Month Average
1995 25 -8.65 11.10 -3.89 0.00 ***
1996 26 0.29 8.49 0.17 0.86
1997 23 5.20 7.83 3.19 0.00 ***
1998 23 10.38 6.65 7.48 0.00 ***
1995-1998 97 1.54 11.10 1.37 0.17  
Note:  Three stars indicates significance at the 1% level, two stars indicates significance at the 5% level, and one star indicates significance at the 10% level. The return for each service is computed as the continuously-compounded rate of return (natural logarithm of the ratio of net advisory price to the benchmark price).