RETURN

MODEL1

MODEL2

MODEL1

MODEL2

MODEL1

MODEL2

UR_DIRECT

0.4768

(0.1400)

−8.7766*

(−1.6700)

−7.1106

(−1.3800)

0.7995

(0.1000)

−7.2899

(−1.3500)

−9.4274

(−1.1100)

UR_RP

−1.1605

(−0.8800)

−2.2524

(−1.3200)

−0.2284

(−0.1000)

OCF

1.0443

(1.1900)

1.2288

(0.3900)

3.5574

(1.3200)

PG

−5.2333

(−1.2900)

−14.0550***

(−3.1500)

−1.2913

(−0.3100)

LEV

3.2195

(0.3600)

−25.5271

(−1.5200)

11.7061

(0.6700)

SIZE

−4.7521**

(−3.0000)

0.0508

(0.0100)

−3.6379

(−1.0000)

SOE

−3.1208

(−0.4900)

−36.0828

(−1.4800)

−9.4709

(−0.5500)

VC_PE

0.3225

(0.1200)

10.0605**

(2.2400)

9.9431*

(1.9000)

INDEX_YEAR

−36.2468

(−0.49)

−388.2704***

(−3.1100)

126.4593

(0.8300)

IND2

9.8787

(0.5600)

1.2184

(0.1000)

IND3

2.9314

(0.9200)

17.5208

(0.9800)

32.2834**

(2.4900)

Adjusted R-squared

−0.0023

0.1259

0.0024

0.1814

0.0039

0.1953

F-statistic

0.0200

2.8400

1.9100

3.8200

1.8300

2.9200