Variable

2010

2011

2012

2013

2014

2015

2016

2017

2018

Constant

−13.66

30.42**

−28.44

−29.14

12.23

57.67*

44.58

−305.94

−195.75*

Risk Free Rate

3.33

−2.01

−17.57

−8.41

−2.24

−18.38

−22.59

468.88

6.20

Volatility

0.81***

0.14*

2.06***

0.66

0.90***

0.38*

4.01*

10.39**

0.63

Earnings Yield

0.54***

−0.03**

−0.30***

−2.22***

−0.02*

11.21**

−1.19***

0.50***

−7.99***

Size

−5.01**

−4.36***

−8.47

0.08

−7.05*

−6.47**

−32.68

−120.74

25.47***

Book-to-Market Equity

−2.76***

2.83

1.98

10.53**

−0.71

−6.34

0.04

−30.14

2.28

N

9684

6577

7420

7543

7256

3258

6659

5224

1836

R²

0.08

0.01

0.02

0.05

0.008

0.007

0.01

0.01

0.99