Table 8 Estimated speeds of adjustments...

Table 8

Estimated speeds of adjustments from non-linear models with two-way interactions

	(1)	(2)	(3)
	Full sample	Under-levered	Over-levered
Mean	0.144	0.068	0.250
St. Dev.	0.434	0.391	0.467
Min.	−1.048	−1.048	−0.731
p5	−0.725	−0.725	−0.707
p10	−0.364	−0.384	−0.338
p25	−0.082	−0.110	−0.018
p50	0.096	0.041	0.233
p75	0.347	0.217	0.509
p90	0.738	0.534	0.955
p95	1.161	0.874	1.161
Max.	1.601	1.601	1.478

	(1)	(2)	(3)
	Full sample	Under-levered	Over-levered
Mean	0.144	0.068	0.250
St. Dev.	0.434	0.391	0.467
Min.	−1.048	−1.048	−0.731
p5	−0.725	−0.725	−0.707
p10	−0.364	−0.384	−0.338
p25	−0.082	−0.110	−0.018
p50	0.096	0.041	0.233
p75	0.347	0.217	0.509
p90	0.738	0.534	0.955
p95	1.161	0.874	1.161
Max.	1.601	1.601	1.478

Note(s): The Table reports the descriptive statistics for the estimated speeds of adjustment obtained by using the regression results reported in Table 7. St. Dev. indicates the standard deviation; p5, p10, …, p95 indicate the 5th, 10th and 95th percentile, respectively. Statistics are reported both for the entire sample of firms (Full sample), as well as for firms with leverage below (Under-levered) or above (Over-levered) the optimal level of leverage

Source(s): Created by the author

[ViewLarge]

Sharing Unavailable