ln(BE/ME)

ln(ME)

ln(EDF)

Stock Return

Avg Coef.

0.226%

−0.024%

Stock Return

t-stat

2.78

−0.64

Firm Return Model

Avg Coef.

0.099%

−0.040%

Firm Return Model

t-stat

1.20

−1.30

Firm Return Index

Avg Coef.

0.082%

−0.024%

Firm Return Index

t-stat

1.04

−0.77

Stock Return

Avg Coef.

0.022%

Stock Return

t-stat

0.45

Firm Return Model

Avg Coef.

−0.010%

Firm Return Model

t-stat

−0.33

Firm Return Index

Avg Coef.

−0.015%

Firm Return Index

t-stat

−0.45

Stock Return

Avg Coef.

0.233%

−0.057%

−0.071%

Stock Return

t-stat

2.71

−1.75

−1.38

Firm Return Model

Avg Coef.

0.120%

−0.081%

−0.095%

Firm Return Model

t-stat

1.42

−2.78

−3.11

Firm Return Index

Avg Coef.

0.097%

−0.059%

−0.079%

Firm Return Index

t-stat

1.18

−2.09

−2.35