Table 9.  Average Returns above Alternative Market Benchmark Prices for Market Advisory Services, Soybeans, 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 5.03 6.12 4.11 0.00 ***
1996 24 2.57 3.14 4.01 0.00 ***
1997 21 1.54 4.01 1.76 0.09 *
1998 22 -0.94 5.88 -0.75 0.46
1995-1998 92 2.17 5.35 3.88 0.00 ***
20-Month Average
1995 25 2.97 6.12 2.43 0.02 **
1996 24 0.75 3.14 1.17 0.25
1997 21 2.82 4.01 3.22 0.00 ***
1998 22 2.89 5.88 2.31 0.03 **
1995-1998 92 2.34 4.98 4.51 0.00 ***
16-Month Average
1995 25 0.04 6.12 0.03 0.97
1996 24 0.34 3.14 0.53 0.60
1997 21 4.93 4.01 5.63 0.00 ***
1998 22 7.42 5.88 5.93 0.00 ***
1995-1998 92 3.00 6.68 4.31 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).