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 |