Event 1

Event 2

Event 3

Event 4

Event 5

Event 6

Constant

−0.1660

−0.0392

−0.0609

0.0361

−0.0210

0.0109

ln(TA)

0.0036

0.0015

0.0063

−0.0023

−0.0009

−0.0027

TD/TA

0.1513*

0.1154***

−0.0348

−0.0469

−0.0359

0.0419

MV/BV

0.0006

0.0001

−0.0057

−0.0056

0.0007

−0.0004

ROE

−0.0002

0.0001

0.0005*

0.001***

−0.0001

0.0001

Industry 1

−0.0570

−0.0611

−0.0781

−0.0554

0.0504

−0.0233

Industry 2

0.0396

−0.0001

0.0227

−0.0120

0.0068

−0.0145

Industry 3

0.0097

−0.0050

0.0511***

−0.0130

0.0181

−0.0164

Industry 4

0.1343***

0.0100

−0.0521

0.0073

0.0782***

0.0167

Industry 5

−0.0080

−0.0008

0.0192

−0.0178

0.0091

0.0039

Industry 6

0.0780

−0.0361

−0.0660

−0.0048

−0.0054

−0.0018

Industry 7

0.0011

−0.0054

−0.0747

0.0094

0.0384

0.0220

Industry 8

0.1164**

−0.0414

0.0117

0.0569*

0.0766**

0.0379

Industry 9

0.0169

0.0017

0.0292

−0.0342

0.0867**

−0.0086

FA/TA

0.0008**

0.0000

−0.0001

0.0003

0.0002

0.0005***

Firm Age

0.0001

0.0000

−0.0003

0.0000

0.0004**

0.0001

Cross-listing

0.0008

0.0005

0.0080

0.0124

−0.0086

−0.0048

R-Squared

0.4629

0.377

0.555

0.3076

0.3416

0.3203

No. of Observations

74

76

75

75

75

74

F-Test

3.07

2.23

4.52

1.61

1.88

1.71