P-Value (Familiarity) | Unfamiliar Assets | Familiar Assets | Timing | Order |
0.005 | −0.179 | −0.516 | Before CAPM | Return and then Risk |
0.010 | +0.017 | −0.252 | After CAPM | |
0.066 | 0.058 | P-Value (Timing) | ||
0.487 | −0.223 | −0.226 | Before CAPM | Risk and then Return |
0.083 | −0.033 | −0.186 | After CAPM | |
0.0495 | 0.4 | P-Value (Timing) |