Variables description
| Variable | Definition | Proxy | Source |
|---|---|---|---|
| ROA | Return on assets | Ratio between net income and total assets | Database Thomson Reuters |
| SIZE | Firm size | Turnover ratio: amount of assets that a firm replaces in relation to its sales | |
| Tobin's Q | Tobin's Q ratio | Ratio between a firm’s stock market value and its fixed capital replacement value | |
| MCAP | Market capitalization | Total market value of a firm's outstanding shares | |
| LA | Loss aversion | Percentage variation of transaction volume | |
| NE | Net earnings | Difference between firm’s revenues and costs | |
| OC | Overconfidence | Percentage change of shares held by shareholders |
| Variable | Definition | Proxy | Source |
|---|---|---|---|
| ROA | Return on assets | Ratio between net income and total assets | Database Thomson Reuters |
| SIZE | Firm size | Turnover ratio: amount of assets that a firm replaces in relation to its sales | |
| Tobin's | Tobin's | Ratio between a firm’s stock market value and its fixed capital replacement value | |
| MCAP | Market capitalization | Total market value of a firm's outstanding shares | |
| LA | Loss aversion | Percentage variation of transaction volume | |
| NE | Net earnings | Difference between firm’s revenues and costs | |
| OC | Overconfidence | Percentage change of shares held by shareholders |