Table 2. Testing differences between... | Emerald Publishing

Table 2.

Testing differences between means (2010–2019)

Variables	Traditional	Level 1	Level 2	Novo mercado
Beta	−0.203 ***	0.103 ***	0.053 ***	0.137 ***
Value at risk	1.710 ***	−1.049 ***	−1.172 ***	−0.942 ***
Return	−0.907	0.540	0.512	0.527
ROE	0.013 **	0.003	−0.016	−0.009 **
Sharpe index	0.076 ***	−0.019	−0.031	−0.056 ***
Size	−1.839 ***	1.911 ***	1.123 ***	0.748 ***
Leverage	0.063 ***	−0.106 ***	0.049 ***	−0.028 **

Variables	Traditional	Level 1	Level 2	Novo mercado
Beta	−0.203 ***	0.103 ***	0.053 ***	0.137 ***
Value at risk	1.710 ***	−1.049 ***	−1.172 ***	−0.942 ***
Return	−0.907	0.540	0.512	0.527
ROE	0.013 **	0.003	−0.016	−0.009 **
Sharpe index	0.076 ***	−0.019	−0.031	−0.056 ***
Size	−1.839 ***	1.911 ***	1.123 ***	0.748 ***
Leverage	0.063 ***	−0.106 ***	0.049 ***	−0.028 **

Note:

*** represents significance at the 10% level, ** at the 5% level, and *** at the 1% level