Variable | Symbol | Measurement |
Analyst reports | Report | The number of foreign analyst reports for a firm in a given year. |
Analyst coverage | Coverage | Natural logarithm of the number of foreign analyst reports for a firm in a given year. |
Price-to-book ratio | PB | Stock price per share divided by net assets per share at end of fiscal year. |
Firm size | Size | Natural logarithm of total assets at the end of fiscal year. |
Return on assets | ROA | Net income before extraordinary items divided by the average total assets at the end of fiscal year. |
Debt ratio | Lev | Total debt divided by total assets at the end of fiscal year. |
Stock turnover rate | Liq | Total number of a stock traded divided by the total number of outstanding shares for the stock at the end of fiscal year. |
Institutional ownership | Inst | Shareholdings of mutual funds, pension funds, and other institutional investors divided by the total number of outstanding shares at the end of fiscal year. |