Table 7. Price perspective: DDM model...

Table 7.

Price perspective: DDM model

Dep. variable: STOCK PRICE	OLS	OLS	FE
ΔBV	−0.77 (5.65)***	−0.64 (4.76)***	−0.66 (6.13)***
EPS	0.34 (30.8)***	0.33 (30.1)***	0.23 (13.19)***
DUM_SECTOR	NO	YES	NO
DUM_YEAR	NO	YES	NO
CONST	0.99 (17.22)***	0.37 (2.28)**	1.27 (22.01)***
R² P > F RMSE	0.78 0.000 0.85	0.81 0.000 0.80	0.000
N	279	279	279

Dep. variable: STOCK PRICE	OLS	OLS	FE
ΔBV	−0.77 (5.65)***	−0.64 (4.76)***	−0.66 (6.13)***
EPS	0.34 (30.8)***	0.33 (30.1)***	0.23 (13.19)***
DUM_SECTOR	NO	YES	NO
DUM_YEAR	NO	YES	NO
CONST	0.99 (17.22)***	0.37 (2.28)**	1.27 (22.01)***
R²P > FRMSE	0.780.0000.85	0.810.0000.80	0.000
N	279	279	279

Notes:

DDM (price model), ΔBV (change in BV), EPS (PV of earnings per share), DUM_SECTOR and DUM_YEAR are the dummy variables for sector and year. FE is the panel with fixed effects. The model: P = α + b₁ΔBV + b₂EPS+DUM_SECTOR + DUM_YEAR +ε

p < 0.1;

p < 0.05;

***

p < 0.01

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