Regression results for IC from Equation (A1)
| Models | EVi,t | EVi,t+1 | EVi,t+2 | EVi,t+3 | EVi,t+4 |
|---|---|---|---|---|---|
| VAICi,t | −0.0243*** (0.00548) | 0.0317*** (0.00636) | 0.0236*** (0.00593) | 0.00733 (0.00552) | 0.00241 (0.00510) |
| SIZEi,t | 1.075*** (0.0284) | 0.533*** (0.0198) | 0.304*** (0.0177) | 0.168*** (0.0175) | 0.0405** (0.0183) |
| DEBTi,t | −0.0152*** (0.000872) | −0.00149** (0.000595) | 0.00102** (0.000511) | −0.0000422 (0.000562) | −0.0000992* (0.000599) |
| β0 | −0.462 (0.608) | 10.97*** (0.426) | 16.00*** (0.390) | 19.17*** (0.387) | 22.12*** (0.403) |
| αt | Yes | Yes | Yes | Yes | Yes |
| γi | Yes | Yes | Yes | Yes | Yes |
| N | 17,393 | 15,808 | 14,223 | 12,638 | 11,053 |
| Models | |||||
|---|---|---|---|---|---|
| −0.0243*** (0.00548) | 0.0317*** (0.00636) | 0.0236*** (0.00593) | 0.00733 (0.00552) | 0.00241 (0.00510) | |
| 1.075*** (0.0284) | 0.533*** (0.0198) | 0.304*** (0.0177) | 0.168*** (0.0175) | 0.0405** (0.0183) | |
| −0.0152*** (0.000872) | −0.00149** (0.000595) | 0.00102** (0.000511) | −0.0000422 (0.000562) | −0.0000992* (0.000599) | |
| −0.462 (0.608) | 10.97*** (0.426) | 16.00*** (0.390) | 19.17*** (0.387) | 22.12*** (0.403) | |
| Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | |
| 17,393 | 15,808 | 14,223 | 12,638 | 11,053 |
Note(s): * significance at 10%; ** significance at 5%; *** significance at 1%
Source(s): Table created by the authors
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