Table V. Results of H1 chi-square tests...

Table V.

Results of H1 chi-square tests on subsamples

Subsample	Obs	T1a		T1b		T1c
Subsample	Obs	p-value	Sig	p-value	Sig	p-value	Sig
Large	43	0.822		0.024	**	0.000	***
Small	35	1.000		0.101	*	0.001	***
With hedge funds	57	0.338		0.003	***	0.000	***
Without	21	0.753		1.000		0.002	***
Banks	20	0.490		0.633		0.010	**
Independent	46	0.835		0.036	**	0.000	***
1 or 2 funds	32	0.035	**	0.03	**	0.002	***
3 or more funds	46	0.676		0.079	*	0.000	***
Total	78	0.334		0.006	***	0.000	***

Subsample	Obs	T1a		T1b		T1c
Subsample	Obs	p-value	Sig	p-value	Sig	p-value	Sig
Large	43	0.822		0.024	**	0.000	***
Small	35	1.000		0.101	*	0.001	***
With hedge funds	57	0.338		0.003	***	0.000	***
Without	21	0.753		1.000		0.002	***
Banks	20	0.490		0.633		0.010	**
Independent	46	0.835		0.036	**	0.000	***
1 or 2 funds	32	0.035	**	0.03	**	0.002	***
3 or more funds	46	0.676		0.079	*	0.000	***
Total	78	0.334		0.006	***	0.000	***

Notes:

The p-values provided are from chi-square tests of independence. The null hypothesis is equal use of modern and post-modern theory. T1a, T1b and T1c, respectively, address absolute risk budgeting, absolute risk optimization and performance evaluation. We reject the null hypothesis at p < 0.01 (

***

); p < 0.05 (

); p < 0.1 (

)

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