| Coefficient | Standard error | t | |
| Pooled Model | |||
| Intercept | 0.0123 | 0.0027 | 4.57 |
| ln(ME) | −0.0008 | 0.0003 | −2.25 |
| ln(BE/ME) | −0.0010 | 0.0009 | −1.12 |
| ln(EDF) | 0.0015 | 0.0005 | 3.11 |
| Stock Return | −0.0160 | 0.0285 | −0.56 |
| Lag Stock Return | 0.0614 | 0.0165 | 3.72 |
| Risk Free Rate | −0.5495 | 1.4349 | −0.38 |
| High Grade Corporate Bond Return | −0.4049 | 0.1664 | −2.43 |
| Low Grade Corporate Bond Return | 0.1623 | 0.0682 | 2.38 |
| Value -Weighted CRSP Stock Return | 0.0663 | 0.0393 | 1.69 |
| 10 Year CRSP Government Bond Return | 0.0163 | 0.1271 | 0.13 |
| 1 Year CRSP Government Bond Return | 0.9205 | 0.5981 | 1.54 |
| Interaction Variables | |||
| ln(ME)*HG | 0.0246 | 0.0288 | 0.85 |
| ln(ME)*LG | 0.0090 | 0.0129 | 0.7 |
| ln(ME)*stock return | 0.0145 | 0.0037 | 3.89 |
| ln(ME)*lag stock return | 0.0020 | 0.0018 | 1.14 |
| ln(ME)*rf | −0.3549 | 0.2645 | −1.34 |
| ln(ME)*VW CRSP | −0.0091 | 0.0065 | −1.4 |
| ln(ME) × 10 year | −0.0706 | 0.0195 | −3.63 |
| ln(ME) × 1 year | −0.0940 | 0.0977 | −0.96 |
| ln(BE/ME)*HG | 0.0613 | 0.0595 | 1.03 |
| ln(BE/ME)*LG | 0.1153 | 0.0259 | 4.44 |
| ln(BE/ME)*stock return | −0.0017 | 0.0065 | −0.26 |
| ln(BE/ME)*lag stock return | −0.0074 | 0.0035 | −2.1 |
| ln(BE/ME)*rf | 0.0628 | 0.5326 | 0.12 |
| ln(BE/ME)*VW CRSP | −0.0573 | 0.0142 | −4.02 |
| ln(BE/ME) × 10 year | −0.0262 | 0.0429 | −0.61 |