Panel A Average AQ values of each portfolio | |||||
AQ TRANS | 1 | 2 | 3 | 4 | 5 |
H | 0.000 | 0.014 | 0.033 | 0.049 | 0.061 |
M | 0.000 | 0.025 | 0.044 | 0.057 | 0.074 |
L | 0.015 | 0.032 | 0.051 | 0.116 | 0.202 |
Panel B Average TRANS values of each portfolio | |||||
AQ TRANS | 1 | 2 | 3 | 4 | 5 |
H | 1.295 | 1.280 | 0.466 | 0.193 | 0.167 |
M | 1.223 | 0.675 | 0.340 | 0.162 | 0.006 |
L | 0.623 | 0.546 | 0.318 | 0.019 | 0.004 |