Note(s): For each independent variable, we report the standardized coefficient and the related t statistic based on the standard error clustered by firm (Petersen, 2009). Coefficient F-tests compare the stated standardized coefficients with the null hypothesis of equality (one tailed significance of null rejection). ^***, ^**, ^*significant at 0.01, 0.05 and 0.10, respectively. Δ signifies the difference in the level of the variable between period t and t−1. Lagged level terms (t−1) of independent variables (excluding dummy variables) are added to control for feedback effects and are not reported for brevity. For brevity, the intercept, and the coefficients on industry dummies, firm size dummies, book to market dummies, and year dummies are not reported. The maximum variance inflation factor excludes dummy variables and lagged terms.  Appendix 2 provides variable definitions