Table A2.  Average Returns above Alternative Market Benchmark Revenues for Market Advisory Services, Wheat, 1995 - 1998 Crop Years
             
Average
Number of Return above
Market Benchmark/ Advisory Benchmark Standard Two-tail
Sample Period Services Revenue Deviation t-statistic p-value  
-----percent-----
24-Month Average
1995 24 4.47 12.54 1.74 0.09 *
1996 23 -4.30 14.21 -1.45 0.16
1997 20 -22.84 25.95 -3.94 0.00 ***
1998 21 -21.97 18.09 -5.57 0.00 ***
1995-1998 88 -10.34 21.30 -4.55 0.00 ***
20-Month Average
1995 24 -0.35 12.54 -0.14 0.89
1996 23 -7.58 14.21 -2.56 0.02 **
1997 20 -19.92 25.95 -3.43 0.00 ***
1998 21 -16.42 18.09 -4.16 0.00 ***
1995-1998 88 -10.52 19.35 -5.10 0.00 ***
16-Month Average
1995 24 -5.51 12.54 -2.15 0.04
1996 23 -7.58 14.21 -2.56 0.02 **
1997 20 -18.93 25.95 -3.26 0.00 ***
1998 21 -8.23 18.09 -2.09 0.05 **
1995-1998 88 -9.75 18.47 -4.95 0.00 ***
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).