| 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 |