UNDERPRICE

MODEL1

MODEL2

UR_DIRECT

−1.0373

(−2.06)**

−0.6238

(−1.3400)

UR_RP

0.3387***

(3.1300)

OCF

1.0474***

(10.6300)

PG

1.4435***

(6.5600)

LEV

−2.9233***

(−3.4100)

SIZE

−0.5460***

(−3.6300)

SOE

−1.4020**

(−2.1700)

VC_PE

0.0531

(0.1800)

INDEX

−7.4966

(−0.8500)

IND2

1.4962

(1.0600)

IND3

1.7523

(1.2300)

YEAR2014

5.0893***

(9.7300)

YEAR2015

3.2874***

(6.5500)

YEAR2016

2.8242***

(5.4300)

Ajusted R-squared

0.0032

0.2315

F-statistic

4.2400

20.6200