Variable | Maturity | Decline | Technology-Intensive | Non-Technology-Intensive | Overseas Cash | Institutional Ownership |
Constant | −1.6*** | −3.5*** | −1.7*** | −2.1*** | −0.52 | −2.0*** |
Acquisition | 1.1 × 10−4 | 1.3 × 10−3* | 3.2 × 10−4** | 1.9 × 10−4*** | −4.0 × 10−6 | 1.5 × 10−3 |
Long Term Debt to Assets | −7.3 × 10−2 | 3.4 × 10−2 | −1.5 × 10−1 | −3.3 × 10−3 | −5.2 × 10−2 | −9.3 × 10−3 |
Depreciation | 1.8 × 10−4* | 2.8 × 10−3 | 9.1 × 10−5 | −6.5 × 10−6 | −3.8 × 10−5 | 2.6 × 10−5 |
Dividends | 2.0 × 10−4 | 4.4 × 10−3*** | 1.4 × 10−4 | 1.0 × 10−4 | 6.1 × 10−6 | 2.1 × 10−4* |
Earnings Before Interest, Taxes, Depreciation and Amortization | −8.0 × 10−6 | −1.0 × 10−3 | −2.4 × 10−4*** | 1.6 × 10−5 | 1.3 × 10−6 | −1.1 × 10−4* |
Retained Earnings | 5.0 × 10−5*** | 1.8 × 10−4** | 7.3 × 10−5*** | 3.5 × 10−5*** | 1.0 × 10−5*** | 7.5 × 10−5*** |
Revenue | 1.1 × 10−5** | 2.2 × 10−4** | 2.2 × 10−5** | 5.0 × 10−6* | −1.9 × 10−6 | 4.4 × 10−5 |
Research and Development | 1.0 × 10−4 | 1.3 × 10−3* | 3.4 × 10−4** | 3.2 × 10−4*** | 4.7 × 10−5** | 1.7 × 10−3 |
Cash Flow | −2.0 × 10−4*** | −1.0 × 10−3 | −3.7 × 10−5 | −7.7 × 10−5*** | −1.5 × 10−5 | −8.02 × 10−5 |
Debt to Assets | −1.3 × 10−2 | −0.29* | −4.9 × 10−2 | −9.0 × 10−4 | 0.6* | −6.9 × 10−4 |
Research and Development of Acquisitions | −1.0 × 10−4 | 1.1 × 10−3* | 03.8 × 10−4*** | −2.2 × 10−4*** | −7.6 × 10−6 | −1.6 × 10−3 |
Beta | 3.2 × 10−3* | −1.2 × 10−3 | 3.4 × 10−3* | 8.1 × 10−4 | 0.10 | −4.8 × 10−3 |
Negative Surprise | 2.4 × 10−1*** | 3.5 × 10−1*** | 1.7 × 10−1*** | 3.4 × 10−1* | 0.02 | 8.3 × 10−2* |
Product or Service | −0.1 | 7.9 × 10−1*** | 7.6 × 10−2 | 1.1 × 10−1* | 0.10 | 1.8 × 10−2 |
Institutional Ownership |
|
|
|
|
| 9.2 × 10−3*** |
N | 9018 | 1609 | 5420 | 16,802 | 67 | 8369 |
Average Likelihood | 0.63 | 0.72 | 0.63 | 0.65 | 23.2 (log likelihood)a | 0.63 |