# Retail investors volatility and religious tenets Fig xA

In the middle panel of Table 4a, when the period 2002–2008 is considered, Industrial is first order stochastically dominated by Services and Agriculture, but first order stochastically dominates Banking and Cement. This is in agreement with the ranking of sectors according to the degree of Shariah-compliance given in Table 1. Results for the two sub-periods follow a similar pattern. The bottom panel of Table 4a reports the p-values for the MG-132 that the Cement sector stochastically dominates the other sectors. Looking at the 2002–2008 period, it is clear that the null hypothesis of FSD is rejected for all but the Banking sector.

Before concluding the section a caveat regarding the interpretation of the test results in Tables 3 and 4 is discussed. It is of interest to note that in most cases the result that returns in sector Xi SSD returns in Xj in Table 3 corresponds to SSD of volatility for the same sector in Table 4. For example in Table 3 returns in Shariah-compliant Agriculture sector FSD returns in Cement and Industrial sectors. This corresponds to FSD of the volatility in Table 4. Also, FSD of the volatility of returns in Agriculture over the banking sector in Table 4 implies, according to the definition of stochastic dominance, that the condition for SSD is also satisfied. Therefore, cycadeoids result is consistent with the fact that returns in Agriculture SSD returns in Bank sector.