**Appendix A**


**Table A1.** Detailed development of the *ACR* with *p*-values of the two-sided *t*-test from January 1998–December 2015. *ACR* denotes the average cumulative returns.


**Table A2.** Annualized risk-return measures for BHS, FTS, GVS, RVS, and JDS for sub-periods of 3 years from January 1998–December 2015.
