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