| VARIABLES | Tp | tp | Tp | Tp | Tp | Tp | Tp | Tp | Tp |
| Sale | 0.00903*** | 0.0127*** |
|
|
|
|
|
|
|
|
| (0.00310) | (0.00268) |
|
|
|
|
|
|
|
| MV | 0.0102*** |
|
| 0.0133*** |
|
|
|
|
|
|
| (0.00293) |
|
| (0.00257) |
|
|
|
|
|
| BEXE | −0.178*** |
|
|
| −0.175*** |
|
|
|
|
|
| (0.0309) |
|
|
| (0.0316) |
|
|
|
|
| FINV | 0.0462** |
|
|
|
| 0.0169** |
|
|
|
|
| (0.0230) |
|
|
|
| (0.0242) |
|
|
|
| FF | 0.0152** |
|
|
|
|
| −0.00804** |
|
|
|
| (0.0206) |
|
|
|
|
| (0.0178) |
|
|
| CSUF | −0.0203** |
|
|
|
|
|
| −0.0112 |
|
|
| (0.0101) |
|
|
|
|
|
| (0.0106) |
|
| AEAR | 0.00260 |
|
|
|
|
|
|
| 0.00222 |
|
| (0.00373) |
|
|
|
|
|
|
| (0.00399) |
| Constant | 0.143* | 0.180*** | 0.180*** | 0.177*** | 0.572*** | 0.477*** | 0.476*** | 0.484*** | 0.476*** |
|
| (0.0750) | (0.0623) | (0.0623) | (0.0581) | (0.0179) | (0.00482) | (0.00951) | (0.00931) | (0.00451) |
| Observations | 449 | 449 | 449 | 449 | 449 | 449 | 449 | 449 | 449 |
| R-squared | 0.051 | 0.038 | 0.041 | 0.0056 | 0.0064 | 0.001 | 0.000 | 0.002 | 0.001 |