Table 7.  Number of Advisory Service Programs above Alternative Market Benchmark Revenues, 1995 -1997
           
Number Proportion  
Number of of Programs of Programs
Market Benchmark/ Advisory above above Two-tail
Sample Period Programs Benchmark Benchmark Z-statistic p-value  
24-Month Average
1995 25 19 0.76 2.60 0.009 ***
1996 24 15 0.63 1.22 0.221
1997 21 11 0.52 0.22 0.827
1995-1997 70 45 0.64 2.39 0.017 **
20-Month Average
1995 25 15 0.60 1.00 0.317
1996 24 13 0.54 0.41 0.683
1997 21 15 0.71 1.96 0.050 **
1995-1997 70 43 0.61 1.91 0.056 *
12-Month Average
1995 25 2 0.08 -4.20 0.000 ***
1996 24 20 0.83 3.27 0.001 ***
1997 21 20 0.95 4.15 0.000 ***
1995-1997 70 42 0.60 1.67 0.094 *
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.