| VARIABLES | FF | FF | FF | FF | FF | FF |
| Sale | −0.227*** | −0.325*** |
|
|
|
|
|
| (0.0819) | (0.0707) |
|
|
|
|
| MV | −0.210*** |
| −0.299*** |
|
|
|
|
| (0.0802) |
| (0.0656) |
|
|
|
| ROA | 0.106 |
|
| −0.0676 |
|
|
|
| (0.201) |
|
| (0.182) |
|
|
| BEXE | −1.658** |
|
|
| −1.364* |
|
|
| (0.805) |
|
|
| (0.770) |
|
| CSUF | 0.523** |
|
|
|
| 0.305 |
|
| (0.261) |
|
|
|
| (0.246) |
| Constant | 11.77*** | 8.783*** | 7.998*** | 1.215*** | 1.962*** | 0.973*** |
|
| (1.928) | (1.669) | (1.508) | (0.114) | (0.448) | (0.211) |
| Observations | 480 | 480 | 480 | 480 | 480 | 480 |
| R-Squared | 0.0724 | 0.0449 | 0.0424 | 0.0003 | 0.0061 | 0.0029 |