Mkt-RF returns in ‘even years’ sum to zero over the last 50+ years (data from Ken French’s library). This could be a spurious result although the stats suggest otherwise.

Is this result statistically significant?

Applying Student’s t-test gives a statistic of 2.3, i.e. mean returns of even versus odd years are different at the 5% significance level.

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Interesting result. My tests show that the result is not significant if 2008 is taken out. Could you check that with your data?

True! I get 1.9 either from 1960 to 2007 or by eliminating the 2008/2009 pair.

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