Variable

Large Size

Small Size

Introductory Firm

Growth Firm

Constant

−1.5***

2.4***

−1.95***

−0.9***

Acquisition

1.3 × 10−4*

9.9 × 10−4

1.2 × 10−4

1.8 × 10−4*

Long Term Debt to Assets

7.6 × 10−2

−5 × 10−2

−3.0 × 10−2

6.7 × 10−2

Depreciation

6.4 × 10−5*

1.0 × 10−4

−3.4 × 10−4*

9.4 × 10−6

Dividends

8.9 × 10−5*

1.8 × 10−3

3. 2 × 10−4

5.7 × 10−5

Earnings Before Interest, Taxes, Depreciation and Amortization

−1.7 × 10−5

−8.8 × 10−4

6.1 × 10−5

−9.3 × 10−6

Retained Earnings

4.2 × 10−5***

−1.3 × 10−5

5.9 × 10−5***

2.7 × 10−5***

Revenue

2.0 × 10−6

1.1 × 10−4**

7.7 × 10−6

3.4 × 10−6

Research and Development

2.2 × 10−3**

1.3 × 10−3

6.6 × 10−4***

1.3 × 10−4

Cash Flow

8.2 × 10−5***

9.7 × 10−4

−1.7 × 10−4***

−4.6 × 10−5

Debt to Assets Ratio

2.8 × 10−2

−1.9 × 10−4

−2.8 × 10−2

1.6 × 10−3

Research and Development of Acquisitions

−1.8 × 10−4**

1.1 × 10−4

−5.1 × 10−4***

−1.7 × 10−4*

Beta

3.0 × 10−3

3.0 × 10−5

4.0 × 10−3

7.3 × 10−3*

Negative Surprise

2.2 × 10−1***

1.2 × 10−1**

2.9 × 10−1***

2.5 × 10−1***

Product or Service

7.5 × 10−2*

1.8 × 10−1***

0.1*

−4.6 × 10−1***

N

10,773

9773

5118

4596

Log Likelihood

0.59

0.72

0.64

0.56