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 |