Table 2 Correlation(s) Variables (1) (2)...

Table 2

Correlation(s)

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)
(1) CAR(−1,+1)	1.000
(2) LT (%)	−0.008	1.000
(3) TP∆/P	0.163	0.054	1.000
(4) Size	−0.057	0.181	0.012	1.000
(5) Broker Size	−0.018	0.032	−0.004	0.137	1.000
(6) B/M	0.026	0.024	−0.011	−0.286	−0.048	1.000
(7) Experience	0.003	0.098	0.019	0.064	0.046	0.015	1.000
(8) IO	0.002	0.314	0.020	−0.101	−0.003	0.031	−0.008	1.000
(9) Ext Fin	−0.001	−0.100	−0.054	−0.207	−0.028	−0.010	−0.050	0.001	1.000
(10) Coverage	−0.032	−0.101	−0.024	0.537	0.043	−0.110	−0.033	0.047	−0.083	1.000
(11) Dispersion	0.001	−0.163	−0.182	−0.167	−0.027	0.046	−0.065	−0.036	0.180	0.130	1.000
(12) Leverage	−0.009	0.138	−0.012	0.087	0.088	−0.024	0.065	−0.023	0.122	−0.025	−0.026	1.000
(13) ∆VIX	−0.206	0.024	0.010	0.007	−0.016	−0.018	0.010	−0.006	0.018	−0.013	−0.012	0.006	1.000
(14) EPS Frsct	−0.035	0.025	−0.059	0.035	−0.054	0.052	−0.028	0.022	−0.001	0.053	0.044	0.044	−0.001	1.000
(15) Recession	−0.049	−0.278	−0.142	−0.032	0.028	0.007	−0.023	−0.012	0.004	0.015	0.198	−0.045	0.025	0.050	1.000
(16) SIR	0.003	−0.037	−0.042	−0.300	−0.062	0.026	−0.032	0.149	0.146	−0.022	0.230	−0.040	0.007	0.037	0.038	1.000
(17) Momentum	0.025	−0.021	0.221	−0.082	−0.026	−0.094	−0.011	0.018	0.034	−0.073	−0.258	−0.039	0.018	−0.030	−0.233	−0.017	1.000

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)
(1) CAR(−1,+1)	1.000
(2) LT (%)	−0.008	1.000
(3) TP∆/P	0.163	0.054	1.000
(4) Size	−0.057	0.181	0.012	1.000
(5) Broker Size	−0.018	0.032	−0.004	0.137	1.000
(6) B/M	0.026	0.024	−0.011	−0.286	−0.048	1.000
(7) Experience	0.003	0.098	0.019	0.064	0.046	0.015	1.000
(8) IO	0.002	0.314	0.020	−0.101	−0.003	0.031	−0.008	1.000
(9) Ext Fin	−0.001	−0.100	−0.054	−0.207	−0.028	−0.010	−0.050	0.001	1.000
(10) Coverage	−0.032	−0.101	−0.024	0.537	0.043	−0.110	−0.033	0.047	−0.083	1.000
(11) Dispersion	0.001	−0.163	−0.182	−0.167	−0.027	0.046	−0.065	−0.036	0.180	0.130	1.000
(12) Leverage	−0.009	0.138	−0.012	0.087	0.088	−0.024	0.065	−0.023	0.122	−0.025	−0.026	1.000
(13) ∆VIX	−0.206	0.024	0.010	0.007	−0.016	−0.018	0.010	−0.006	0.018	−0.013	−0.012	0.006	1.000
(14) EPS Frsct	−0.035	0.025	−0.059	0.035	−0.054	0.052	−0.028	0.022	−0.001	0.053	0.044	0.044	−0.001	1.000
(15) Recession	−0.049	−0.278	−0.142	−0.032	0.028	0.007	−0.023	−0.012	0.004	0.015	0.198	−0.045	0.025	0.050	1.000
(16) SIR	0.003	−0.037	−0.042	−0.300	−0.062	0.026	−0.032	0.149	0.146	−0.022	0.230	−0.040	0.007	0.037	0.038	1.000
(17) Momentum	0.025	−0.021	0.221	−0.082	−0.026	−0.094	−0.011	0.018	0.034	−0.073	−0.258	−0.039	0.018	−0.030	−0.233	−0.017	1.000

Note(s): This table presents the correlations between the main variables undertaken for the study. All the variables are defined in table A1 in Appendix. Italic numbers denote the statistical significance of the coefficients at either 10%, 5% or the 1% level

Source(s): Authors’ own work

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