Appendices 1

Companies chosen for FMCG Sector (as per BSE FMCG index)

1 2 3 4 5 6 7 8 9 10

Colgate-Palmolive (India) Ltd. Dabur India Ltd. Godrej Consumer Products Ltd. Hindustan Unilever Ltd. I T C Ltd. Marico Ltd. Nestle India Ltd. Tata Global Beverages Ltd. United Breweries Ltd. United Spirits Ltd.

FMCG - Redundant Fixed Effects Tests Effects Test Statistic d.f. Prob. Cross-section F 1.44293 (9,73) 0.0186 Cross-section Chi-square 14.7357 9 0.0985 Period F 0.64607 (8,74) 0.7365 Period Chi-square 6.07625 8 0.6387

FMCG - Correlated Random Effects - Hausman Test Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 15.35069 7 0.0318

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Appendices 2

Companies chosen for Automobile Sector (as per BSE Auto Sector)

1 2 3 4 5 6 7 8 9

Apollo tyres ltd. Ashok Leyland Ltd. Bharat Forge Ltd. Cummins India Ltd. Exide Industries Ltd. Hero Motocorp Ltd. M & Mahindra Ltd. Maruti Suzuki India Ltd. Tata Motors Ltd.

Automobile -Redundant Fixed Effects Tests Effects Test Statistic d.f. Prob. Cross-section F 16.578923 (8,65) 0 Cross-section Chi-square 90.073322 8 0 Period F 0.474705 (8,65) 0.8697 Period Chi-square 4.599354 8 0.7994

Automobile - Correlated Random Effects - Hausman Test Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 19.889494 7 0.0058

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Appendices 3

Companies chosen for Consumer Durable Sector (as per BSE Consumer Durable Sector)

1 2 3 4 5 6 7 8 9

Bajaj Electricals Ltd. Blue Star Ltd. Gitanjali Gems Ltd. Rajesh Exports Ltd. T T K Prestige Ltd. Titan Industries Ltd. V I P Industries Ltd. Videocon Industries Ltd. Whirlpool Of India Ltd.

Consumer Durables - Redundant Fixed Effects Tests Effects Test Statistic d.f. Prob. Cross-section F 2.38506 (8,64) 0.0257 Cross-section Chi-square 20.874136 8 0.0075 Period F 1.118299 (8,64) 0.7632 Period Chi-square 10.467341 8 0.7337

Consumer Durable - Correlated Random Effects - Hausman Test Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 15.74989 7 0.0276

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Appendices 4

Companies chosen for IT Sector (as per BSE IT index)

1 2 3 4 5 6 7 8 9 10

Core Education & Technologies Ltd. Financial Technologies (India) Ltd. H C L Technologies Ltd. Hexaware Technologies Ltd. Infosys Ltd. Mphasis Ltd. Oracle Financial Services Software Ltd. Tata Consultancy Services Ltd. Tech Mahindra Ltd. Wipro Ltd.

IT - Redundant Fixed Effects Tests Effects Test Statistic d.f. Prob. Cross-section F 3.74303 (9,72) 0.0007 Cross-section Chi-square 34.159831 9 0.0001 Period F 11.024279 (8,73) 0.7392 Period Chi-square 4.599354 8 0.7203

IT - Correlated Random Effects - Hausman Test Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 28.484493 7 0.0002

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Appendices 5

Companies chosen for Pharmaceutical Sector (as per BSE Healthcare index)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Apollo Hospitals Enterprise Ltd. Aurobindo Pharma Ltd. Biocon Ltd. Cadila Healthcare Ltd. Cipla Ltd. Divi'S Laboratories Ltd. Dr. Reddy'S Laboratories Ltd. Glaxosmithkline Pharmaceuticals Ltd. Glenmark Pharmaceuticals Ltd. Ipca Laboratories Ltd. Lupin Ltd. Opto Circuits (India) Ltd. Orchid Chemicals & Pharmaceuticals Ltd. Piramal Healthcare Ltd. Ranbaxy Laboratories Ltd. Strides Arcolab Ltd. Sun Pharmaceutical Inds. Ltd.

Pharmaceutical - Redundant Fixed Effects Tests Effects Test Statistic d.f. Prob. Cross-section F 9.812421 -16,129 0 Cross-section Chi-square 121.814774 16 0 Period F 0.858316 -8,137 0.5534 Period Chi-square 7.48247 8 0.4856

Pharmaceuticals - Correlated Random Effects - Hausman Test Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 14.68 7 0.0403

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Appendices 6

Group Data , 2003-07

Group Data, 2003-07 -Redundant Fixed Effects Tests Effects Test Statistic d.f. Prob. Cross-section F 5.252443 -54,215 0 Cross-section Chi-square 233.020757 54 0 Period F 0.258772 -8,261 0.9783 Period Chi-square 2.188415 8 0.9747

Group data, 2003-07 - Correlated Random Effects - Hausman Test Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 59.103339 7 0

Group Data , 2008-11

Group Data, 2007-11 -Redundant Fixed Effects Tests Effects Test Statistic d.f. Prob. Cross-section F 9.351376 -54,158 0 Cross-section Chi-square 315.511064 54 0 Period F 0.981525 -3,209 0.4024 Period Chi-square 3.077922 3 0.3798

Group data, 2008-11 - Correlated Random Effects - Hausman Test Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 17.815104 7 0.0128

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