Model

Raw return

αJensen

RankBottom

−0.951

−0.869

−1.52

−1.5

RankMiddle

1.186**

1.064**

2.08

1.98

RankTop

5.76***

5.640***

6.56

5.51

ln(TNA)

−0.290***

−0.293***

−8.71

−8.64

ln(Family Size)

0.062

0.062

1.39

1.35

Std

−1.995

−2.474

−0.60

−0.74

MarketReturn

0.340***

0.322***

2.58

2.45

ln(Age)

0.101

0.110

1.45

1.54

Year Dummy

Yes

Yes

Observations

1993

1993

R2

0.082

0.081