Table 5 DACT analysis by profit/loss subgroup

Date of implementation	Before or after implementation	Group1		Group2
Date of implementation	Before or after implementation	Profit	Loss	Profit	Loss
2006-09-01 First cut	Before	0.701	−	−0.123	−
2006-09-01 First cut	After	0.578	−	−0.123	−
2011-03-22 Second cut	Before	0.262	0.197	0.054	0.042
2011-03-22 Second cut	After	0.316	0.239	0.054	0.042
2012-09-24 Third cut	Before	0.271	0.309	0.054	−0.037
2012-09-24 Third cut	After	0.327	0.272	0.054	−0.037
2013-03-22 Fourth cut	Before	0.260	0.303	0.037	−0.051
2013-03-22 Fourth cut	After	0.297	0.252	0.037	−0.051
2014-01-01 Fifth cut	Before	0.137	0.132	0.037	−0.003
2014-01-01 Fifth cut	After	0.173	0.129	0.037	−0.003
Statistical test	Chi square	13.433…		Standardized J-T	−3.665…