Note(s): This table presents descriptive statistics of variables for the sample used in the regression. Panel A reports summary statistics. Panel B reports Pearson and Spearman correlations. Correlations significantly different from zero at p-values less than 5% are in boldface type. The sample consists of 79,994 observations from 1970 through 2011. RET_t+1 is the annualized stock return that accumulates from the fourth month after the end of fiscal year t. MC_t is the natural logarithm of market value of equity at the end of fiscal year t. B/M_t is the natural logarithm of the ratio of book value of equity to market value of equity at the end of fiscal year t. MOM_t is the cumulative stock return over a six-month period that ends in the third month after the end of fiscal year t. NS_t is the natural logarithm of the ratio of split-adjusted shares outstanding at the end of fiscal year t to split-adjusted shares outstanding at the end of fiscal year t−1. D_NS_t is an indicator variable that equals 1 if NS_t equals 0 and 0 if otherwise. dA/A_t is the natural logarithm of the ratio of assets per split-adjusted share at the end of fiscal year t to assets per split-adjusted share at the end of fiscal year t−1. Y/B_t is the ratio of equity income (i.e. income before extraordinary items, minus dividends on preferred, if available, plus income statement deferred taxes, if available) in fiscal year t divided by book equity in fiscal year t. D_Y/B_t is an indicator variable that equals 1 if Y/B_t is negative and 0 if otherwise. Y/B(+)_t equals Y/B_t if Y/B_t is positive and 0 if otherwise. ACC_t is the sum of change in net non-cash current operating assets and change in net non-current operating assets from fiscal year t−1 to fiscal year t scaled by average total assets. LIQ_HL_t is −1 × the natural logarithm of the high-low estimate of effective spread from Corwin and Schultz (2012)