Table 3: Panel and Y early Cross-sectional Regressions of MP on EPS and BVPS Table 2: Correlation Matrix (n = 1,205) Note: *, **, *** Significant at 10%, 5%, and 1% (two-tailed) respectively. All regressions are performed with robust standard errors. t - statistics based on robust standard errors are reported in parentheses. MP is the market price per share of firm j in year t three months after the balance sheet date. EPS is the earnings per share based on PAT for firm j in year t. BVPS is the book value of equity per share for firm jin yeart Table 4: Regression of the Adjusted R7;, Adjusted R’gps and Adjusted R’pyps on a Time-trend Variable Note: *, **, *** Significant at 10%, 5%, and 1% (two-tailed) respectively. All regressions are performed with robust standard errors. t-statistics based on robust standard errors are reported in parentheses.
