Table 5. Correlation matrix P Ri RM BV...

Table 5.

Correlation matrix

	P	Ri	RM	BV	BV/P	EPS	AR
P	1
Ri	0.173***	1
RM	−0.004	0.173***	1
BV	0.87***	0.11*	0.032	1
BV/P	(0.337)***	0.28***	0.11*	−0.083	1
EPS	0.866***	0.17***	0.086	0.82***	(0.15)**	1
AR	0.781***	0.19***	0.094	0.69***	(0.14)**	0.97***	1

	P	Ri	RM	BV	BV/P	EPS	AR
P	1
Ri	0.173***	1
RM	−0.004	0.173***	1
BV	0.87***	0.11*	0.032	1
BV/P	(0.337)***	0.28***	0.11*	−0.083	1
EPS	0.866***	0.17***	0.086	0.82***	(0.15)**	1
AR	0.781***	0.19***	0.094	0.69***	(0.14)**	0.97***	1

Notes:

P (equity price), Ri (equity return), RM (return on market index), BV (book value), BV/P (book value to price), EPS (PV of earnings per share), AR (PV of abnormal return)

p < 0.1;

p < 0.05;

***

p < 0.01

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