Table 1. The models Price models Return...

Table 1.

The models

Price models	Return models	Volatility models
$P = α + β_{1} B V_{t} + β_{2} (\frac{A R_{t}}{R f})$	$R_{i t} = α + β_{1} (\frac{B V_{t}}{P_{t - 1}}) + β_{2} (\frac{A R_{t}}{R f \times P_{t - 1}})$	SD_Ri = α + β₁SD_MKT
$P = α + β_{1} Δ B V + β_{2} (\frac{N I_{t}}{R f})$	$R_{i t} = α + β_{1} (\frac{Δ B V}{P_{t - 1}}) + β_{2} (\frac{N I_{t}}{R f \times P_{t - 1}})$	SD_p = α + β₁SD_MKT
	R_it = α + β₁(RM)	SD_Ri = α + β₁SD_BV + β₂SD_AR
		SD_p = α + β₁SD_BV + β₂SD_AR

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