Note: The selection
strategy consists of sorting services by pricing performance in the first
year of the pair (e.g., t =
1995) and grouping services by quantiles (thirds and fourths). Next, the average pricing performance for
each quantile is computed for the first year of the pair. Then, the average
pricing performance of the quantiles formed in the first year is computed for
the second year of the pair (e.g., t+2 = 1997). Return correlations are based on the 24month
average cash price benchmark, with the return for each service computed as
the continuouslycompounded rate of return (natural logarithm of the ratio of
net advisory price to the benchmark price). 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. Some average
differences of the quantiles may not equal the difference of the averages for
the quantiles due to rounding. 
