Table 7.  Number of Market Advisory Services above Alternative Market Benchmark Revenues, 1995 -1998
             
Number Proportion
Number of of Services of Services
Market Benchmark/ Advisory above above Two-tail
Sample Period Services Benchmark Benchmark Z-statistic p-value  
24-Month Average sigp one-tail
1995 25 19 0.76 2.60 0.01 *** 0.76 0.10 0.9953 0.0047 0.9980
1996 24 16 0.67 1.63 0.10 * 0.67 0.10 0.9488 0.0512 0.9680
1997 21 10 0.48 -0.22 0.83 0.48 0.11 0.4136 0.5864 0.5000
1998 22 6 0.27 -2.13 0.03 ** 0.27 0.11 0.0165
1995-1998 92 51 0.55 1.04 0.30 0.55 0.05 0.8514 0.1486 0.8743
20-Month Average
1995 25 15 0.60 1.00 0.32 0.60 0.10 0.8413 0.1587 0.8852
1996 24 13 0.54 0.41 0.68 0.54 0.10 0.6585 0.3415 0.7294
1997 21 14 0.67 1.53 0.13 0.67 0.11 0.9367 0.0633 0.9608
1998 22 13 0.59 0.85 0.39 0.59 0.11 0.8031 0.1969 0.8569
1995-1998 92 55 0.60 1.88 0.06 *** 0.60 0.05 0.9697 0.0303 0.9765
16-Month Average
1995 25 2 0.08 -4.20 0.00 *** 0.08 0.10 0.0000 1.0000 0.0000
1996 24 16 0.67 1.63 0.10 * 0.67 0.10 0.9488 0.0512 0.9680
1997 21 17 0.81 2.84 0.00 *** 0.81 0.11 0.9977 0.0023 0.9993
1998 22 22 1.00 4.69 0.00 *** 1.00 0.11 1.0000 0.0000 1.0000
1995-1998 92 57 0.62 2.29 0.02 *** 0.62 0.05 0.9891 0.0109 0.9920
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.