Note(s): This table reports the results of the robustness tests for the earnings-returns association for bankrupt and non-bankrupt firms using matching and controlling for financial crisis. Crisis takes one for the years 2007, 2008 and 2009, and zero otherwise. The t-statistics in parentheses are robust and adjusted for firm clustering. X_it/MV_it−1 is net income before extraordinary items (Compustat #18), scaled by lagged market value of equity (Compustat #125 * Compustat #199). R is the annual stock return from nine months before fiscal year-end of three months after fiscal year-end from CRSP. D_it = 1 if R_it < 0, and zero otherwise. ***p < 0.01, **p < 0.05, *p < 0.1. Year is a dummy variable for the fiscal year