Table III Regression of AVOL and AVAR... | Emerald Publishing

Table III

Regression of AVOL and AVAR against adoption of KAP and firm characteristics for the period 2008–2010

	(1)	(2)	(3)	(4)
	AVOL	AAR	AVOL	AAR
POST-KAP	−0.0183 (−0.47)	0.390*** (7.04)	0.0494 (0.42)	0.344*** (2.64)
ANDUM	0.241*** (3.84)	0.0460 (0.64)	0.207*** (3.07)	0.0354 (0.45)
POST-KAP × ANDUM	−0.175** (−2.10)	−0.414*** (−3.93)	−0.124 (−1.38)	−0.381*** (−3.29)
ln(SIZE)			−0.0139 (−0.86)	0.0343** (2.13)
B/M			0.0695*** (2.91)	0.0562* (1.93)
BETA			0.0176 (0.21)	−0.250*** (−3.24)
\|UE\|			−0.0458 (−0.29)	−0.157 (−1.01)
SURPRISE SIGN			0.139*** (2.63)	0.133** (2.36)
POST-KAP × ln(SIZE)			0.0192 (0.92)	0.00291 (0.10)
POST-KAP × B/M			0.00999 (0.21)	−0.0433 (−0.58)
POST-KAP × BETA			−0.0932 (−0.88)	0.0752 (0.69)
POST-KAP × \|UE\|			0.648 (1.59)	1.437** (2.42)
POST-KAP × SURPRISE SIGN			0.0305 (0.43)	−0.0655 (−0.68)
Constant	0.170*** (5.89)	0.0638** (2.20)	−0.0331 (−0.33)	0.177** (2.07)
Observations	2,030	2,030	2,030	2,030

	(1)	(2)	(3)	(4)
	AVOL	AAR	AVOL	AAR
POST-KAP	−0.0183 (−0.47)	0.390*** (7.04)	0.0494 (0.42)	0.344*** (2.64)
ANDUM	0.241*** (3.84)	0.0460 (0.64)	0.207*** (3.07)	0.0354 (0.45)
POST-KAP × ANDUM	−0.175** (−2.10)	−0.414*** (−3.93)	−0.124 (−1.38)	−0.381*** (−3.29)
ln(SIZE)			−0.0139 (−0.86)	0.0343** (2.13)
B/M			0.0695*** (2.91)	0.0562* (1.93)
BETA			0.0176 (0.21)	−0.250*** (−3.24)
\|UE\|			−0.0458 (−0.29)	−0.157 (−1.01)
SURPRISE SIGN			0.139*** (2.63)	0.133** (2.36)
POST-KAP × ln(SIZE)			0.0192 (0.92)	0.00291 (0.10)
POST-KAP × B/M			0.00999 (0.21)	−0.0433 (−0.58)
POST-KAP × BETA			−0.0932 (−0.88)	0.0752 (0.69)
POST-KAP × \|UE\|			0.648 (1.59)	1.437** (2.42)
POST-KAP × SURPRISE SIGN			0.0305 (0.43)	−0.0655 (−0.68)
Constant	0.170*** (5.89)	0.0638** (2.20)	−0.0331 (−0.33)	0.177** (2.07)
Observations	2,030	2,030	2,030	2,030

Notes: t-Statistics in parentheses. *p<0.10; **p<0.05; ***p<0.01