Table I Summary statistics of the panel...

Table I

Summary statistics of the panel data (Q3 of 1984 – Q2 of 2012)

Statistics	Actual EPS	Forecasted EPS	Return
Panel 1: one-quarter buy-and-hold return
Mean	0.0182	0.0190	0.0182
Minimum	−5.2078	−0.5284	−2.0727
25% percentile	0.0113	0.0115	−0.0584
Median	0.0165	0.0163	0.0282
75% percentile	0.0233	0.0226	0.1088
Maximum	1.4756	7.2756	1.2595
SD	0.0617	0.0572	0.1665
Kurtosis	4,267.4904	11,108.5830	9.7276
Skewness	−49.0998	89.4087	−1.1176
p-value for Jarque-Bera normality test	2.2 e-16	2.2 e-16	2.2 e-16
Panel 2: two-quarter buy-and-hold returns
Mean	0.0179	0.0189	0.0358
Minimum	−5.2078	−0.5284	−2.8246
25% percentile	0.0113	0.0114	−0.0704
Median	0.0164	0.0163	0.0511
75% percentile	0.0231	0.0224	0.1607
Maximum	0.9398	7.2756	2.1826
SD	0.0609	0.0573	0.2363
Kurtosis	4,506.8559	11,186.2091	9.2281
Skewness	−52.0233	90.0176	−1.0803
p-value for Jarque-Bera normality test	2.2 e-16	2.2 e-16	2.2 e-16
Panel 3: four-quarter buy-and-hold returns
Mean	0.0178	0.0184	0.0693
Minimum	−5.2078	−0.5284	−3.7670
25% percentile	0.0113	0.0114	−0.0808
Median	0.0163	0.0162	0.0901
75% percentile	0.0229	0.0223	0.2448
Maximum	0.9398	0.8456	2.4142
SD	0.0608	0.0311	0.3213
Kurtosis	4,631.4561	241.7041	7.9298
Skewness	−53.4354	11.1834	−1.0752
p-value for Jarque-Bera normality test	2.2 e-16	2.2 e-16	2.2 e-16

Statistics	Actual EPS	Forecasted EPS	Return
Panel 1: one-quarter buy-and-hold return
Mean	0.0182	0.0190	0.0182
Minimum	−5.2078	−0.5284	−2.0727
25% percentile	0.0113	0.0115	−0.0584
Median	0.0165	0.0163	0.0282
75% percentile	0.0233	0.0226	0.1088
Maximum	1.4756	7.2756	1.2595
SD	0.0617	0.0572	0.1665
Kurtosis	4,267.4904	11,108.5830	9.7276
Skewness	−49.0998	89.4087	−1.1176
p-value for Jarque-Bera normality test	2.2 e-16	2.2 e-16	2.2 e-16
Panel 2: two-quarter buy-and-hold returns
Mean	0.0179	0.0189	0.0358
Minimum	−5.2078	−0.5284	−2.8246
25% percentile	0.0113	0.0114	−0.0704
Median	0.0164	0.0163	0.0511
75% percentile	0.0231	0.0224	0.1607
Maximum	0.9398	7.2756	2.1826
SD	0.0609	0.0573	0.2363
Kurtosis	4,506.8559	11,186.2091	9.2281
Skewness	−52.0233	90.0176	−1.0803
p-value for Jarque-Bera normality test	2.2 e-16	2.2 e-16	2.2 e-16
Panel 3: four-quarter buy-and-hold returns
Mean	0.0178	0.0184	0.0693
Minimum	−5.2078	−0.5284	−3.7670
25% percentile	0.0113	0.0114	−0.0808
Median	0.0163	0.0162	0.0901
75% percentile	0.0229	0.0223	0.2448
Maximum	0.9398	0.8456	2.4142
SD	0.0608	0.0311	0.3213
Kurtosis	4,631.4561	241.7041	7.9298
Skewness	−53.4354	11.1834	−1.0752
p-value for Jarque-Bera normality test	2.2 e-16	2.2 e-16	2.2 e-16

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