Industry- and liquidity-based momentum in Australian equities

Financial Innovation

Table 2 Summary Statistics of Industries (September 1995 to September 2014)

Industry name	Industry code	Number of firms	Percentage	Mean returns	Standard deviation
Oil & Gas	0500	84	11.0%	0.0156	0.2405
Chemicals	1300	11	1.4%	0.0094	0.1896
Basic Resources	1700	295	38.6%	0.0179	0.2936
Construction & Material	2300	31	4.1%	0.0123	0.1718
Industrial Goods & Services	2700	82	10.7%	0.0120	0.1922
Automobiles & Parts	3300	5	0.7%	0.0144	0.2120
Food & Beverage	3500	25	3.3%	0.0035	0.1289
Personal & Household Goods	3700	21	2.7%	0.0119	0.1872
Healthcare	4500	58	7.6%	0.0129	0.2649
Retail	5300	32	4.2%	0.0118	0.1158
Media	5500	22	2.9%	0.0094	0.2492
Travel & Leisure	5700	24	3.1%	0.0139	0.1903
Telecommunications	6500	10	1.3%	0.0122	0.1891
Utilities	7500	14	1.8%	0.0098	0.1612
Real Estate	8600	17	2.2%	0.0125	0.1488
Technology	9500	33	4.3%	0.0162	0.2741
Total		764	100%
Average				0.0146 (0.0154)
F-Statistic (all = 0)				2.09
p-value				(0.0033)