Regression model for the intangible assets
| Measure | Q1-2014 | Q2-2014 | Q3-2014 | Q4-2014 | Q1-2015 | Q2-2015 |
|---|---|---|---|---|---|---|
| Intercept | 0.4955 (2.747) | 0.454 (3.099) | 0.6141 (4.002) | 0.4769 (3.385) | 0.4726 (3.52) | 0.4434 (3.164) |
| E(Sb2) | 17.138 (1.477) | 10.6679 (1.096) | 0.7378 (0.069) | 5.4099 (0.554) | 6.7559 (0.67) | 0.5425 (0.056) |
| adv | 6.0418 (1.542) | 11.4221 (1.67) | −0.1413 (−0.121) | -1.4488 (−1.064) | 18.794 (5.334) | 5.6072 (2.174) |
| adv(−1) | 2.9574 (0.702) | −0.1561 (−0.023) | 14.7749 (4.93) | 14.2597 (5.173) | -1.5176 (−1.182) | 9.7739 (2.321) |
| HHI | −0.9565 (−1.272) | −0.7829 (−1.323) | -1.2726 (−1.917) | −0.3693 (−0.604) | −0.6587 (−1.127) | −0.5526 (−0.944) |
| Age | 0.0045 (0.909) | 0.0028 (0.706) | 0.0023 (0.575) | 0.0013 (0.347) | 0.0019 (0.53) | 0.0011 (0.289) |
| R2 | 0.050 | 0.077 | 0.097 | 0.096 | 0.101 | 0.097 |
| Adjusted R2 | 0.036 | 0.062 | 0.082 | 0.081 | 0.087 | 0.083 |
| F-stat | 3.464 | 5.279 | 6.462 | 6.516 | 7.476 | 6.852 |
| Q3-2015 | Q4-2015 | Q1-2016 | Q2-2016 | Q3-2016 | Q4-2016 | |
| Intercept | 0.4003 (2.947) | 0.4156 (2.803) | 0.415 (3.012) | 0.4278 (2.999) | 0.374 (2.728) | 0.4704 (3.338) |
| E(Sb2) | −7.2492 (−0.676) | 7.0131 (0.658) | 4.7062 (0.441) | 4.217 (0.389) | 1.7053 (0.153) | 3.6959 (0.356) |
| adv | −1.0055 (−0.658) | 3.6549 (3.311) | 2.0949 (1.138) | 3.079 (1.224) | 25.2653 (2.7) | 5.0266 (1.8) |
| adv(−1) | 10.5637 (4.37) | 0.7597 (0.533) | 3.2999 (3.027) | 6.9136 (1.946) | -13.7863 (−1.602) | 4.221 (1.141) |
| HHI | −0.0569 (−0.099) | −0.1088 (−0.157) | −0.1217 (−0.197) | −0.1875 (−0.303) | −0.2781 (−0.46) | −0.176 (−0.279) |
| Age | 0.0006 (0.17) | −0.0001 (−0.029) | 0 (0.004) | −0.0006 (−0.161) | 0.0022 (0.618) | −0.001 (−0.26) |
| R2 | 0.070 | 0.047 | 0.051 | 0.058 | 0.074 | 0.055 |
| Adjusted R2 | 0.056 | 0.032 | 0.037 | 0.044 | 0.060 | 0.041 |
| F-stat | 4.979 | 3.114 | 3.688 | 4.166 | 5.479 | 3.993 |
| Q1-2017 | Q2-2017 | Q3-2017 | Q4-2017 | Q1-2018 | Q2-2018 | |
| Intercept | 0.4651 (3.111) | 0.4936 (3.227) | 0.6713 (4.261) | 0.7671 (4.762) | 0.8874 (5.268) | 0.6967 (4.146) |
| E(Sb2) | 3.2824 (0.3) | 7.5201 (0.693) | −0.0906 (−0.008) | 3.7352 (0.347) | -7.8123 (−0.629) | −4.5936 (−0.395) |
| adv | 1.4101 (0.487) | 15.4775 (1.484) | 6.5923 (1.117) | −0.2535 (−0.128) | 18.3015 (1.987) | 33.9562 (2.36) |
| adv(−1) | 8.7321 (2.924) | -8.393 (−0.762) | 5.1643 (0.806) | 9.7915 (3.227) | -6.8185 (−0.823) | −24.2318 (−1.604) |
| HHI | −0.2544 (−0.386) | −0.3181 (−0.503) | −0.7547 (−1.092) | -1.29 (−1.769) | -1.0706 (−1.39) | −0.7843 (−1.069) |
| Age | −0.0006 (−0.168) | −0.0007 (−0.183) | −0.0027 (−0.66) | −0.0043 (−1.051) | −0.0056 (−1.331) | −0.0034 (−0.839) |
| R2 | 0.061 | 0.050 | 0.065 | 0.061 | 0.060 | 0.077 |
| Adjusted R2 | 0.047 | 0.036 | 0.052 | 0.047 | 0.047 | 0.062 |
| F-stat | 4.519 | 3.530 | 4.900 | 4.399 | 4.506 | 5.296 |
| Measure | Q1-2014 | Q2-2014 | Q3-2014 | Q4-2014 | Q1-2015 | Q2-2015 |
|---|---|---|---|---|---|---|
| 0.4955 | 0.454 | 0.6141 | 0.4769 | 0.4726 | 0.4434 | |
| 17.138 | 10.6679 | 0.7378 | 5.4099 | 6.7559 | 0.5425 | |
| 6.0418 | 11.4221 | −0.1413 | -1.4488 | 18.794 | 5.6072 | |
| 2.9574 | −0.1561 | 14.7749 | 14.2597 | -1.5176 | 9.7739 | |
| −0.9565 | −0.7829 | -1.2726 | −0.3693 | −0.6587 | −0.5526 | |
| 0.0045 | 0.0028 | 0.0023 | 0.0013 | 0.0019 | 0.0011 | |
| 0.050 | 0.077 | 0.097 | 0.096 | 0.101 | 0.097 | |
| 0.036 | 0.062 | 0.082 | 0.081 | 0.087 | 0.083 | |
| 3.464 | 5.279 | 6.462 | 6.516 | 7.476 | 6.852 | |
| Q3-2015 | Q4-2015 | Q1-2016 | Q2-2016 | Q3-2016 | Q4-2016 | |
| 0.4003 | 0.4156 | 0.415 | 0.4278 | 0.374 | 0.4704 | |
| −7.2492 | 7.0131 | 4.7062 | 4.217 | 1.7053 | 3.6959 | |
| −1.0055 | 3.6549 | 2.0949 | 3.079 | 25.2653 | 5.0266 | |
| 10.5637 | 0.7597 | 3.2999 | 6.9136 | -13.7863 | 4.221 | |
| −0.0569 | −0.1088 | −0.1217 | −0.1875 | −0.2781 | −0.176 | |
| 0.0006 | −0.0001 | 0 | −0.0006 | 0.0022 | −0.001 | |
| 0.070 | 0.047 | 0.051 | 0.058 | 0.074 | 0.055 | |
| 0.056 | 0.032 | 0.037 | 0.044 | 0.060 | 0.041 | |
| 4.979 | 3.114 | 3.688 | 4.166 | 5.479 | 3.993 | |
| Q1-2017 | Q2-2017 | Q3-2017 | Q4-2017 | Q1-2018 | Q2-2018 | |
| 0.4651 | 0.4936 | 0.6713 | 0.7671 | 0.8874 | 0.6967 | |
| 3.2824 | 7.5201 | −0.0906 | 3.7352 | -7.8123 | −4.5936 | |
| 1.4101 | 15.4775 | 6.5923 | −0.2535 | 18.3015 | 33.9562 | |
| 8.7321 | -8.393 | 5.1643 | 9.7915 | -6.8185 | −24.2318 | |
| −0.2544 | −0.3181 | −0.7547 | -1.29 | -1.0706 | −0.7843 | |
| −0.0006 | −0.0007 | −0.0027 | −0.0043 | −0.0056 | −0.0034 | |
| 0.061 | 0.050 | 0.065 | 0.061 | 0.060 | 0.077 | |
| 0.047 | 0.036 | 0.052 | 0.047 | 0.047 | 0.062 | |
| 4.519 | 3.530 | 4.900 | 4.399 | 4.506 | 5.296 |