Table 6
PFMOLS estimates of equation (7.6)
Regressors |
(1) |
(2) |
Size |
Liquidity |
Capitalisation | |||
(3) |
(4) |
(5) |
(6) |
(7) |
(8) | |||
ln(D / P)u |
0.513 (21.68) |
0.707 (29.16) |
0.600 (13.80) |
0.438 (10.01) |
0.527 (15.31) |
0.716 (21.23) |
0.290 (10.89) |
0.679 (26.06) |
ln(D / P∖t. d96 |
0.239 (6.48) |
0.046 (2.63) |
0.157 |
0.046 |
0.215 (5.99) |
0.004 (0.22) |
0.224 |
0.087 |
ln( D / P )й. zit |
0.151 (8.36) |
0.044 |
0.245 (3.62) |
0.067 (1.35) |
-3.934 (-16.82) |
-1.074 (-10.39) | ||
ln(K / P)u |
0.296 (4.85) |
-0.415 (-7.59) |
0.292 (4.95) |
0.601 (8.75) | ||||
ln(K / P)t.d96 |
-0.293 (-5.88) |
-0.161 (-3.68) |
-0.321 (-6.72) |
-0.240 (-4.85) | ||||
ln(k / p) it. zt |
-0.102 (-3.15) |
-0.412 (-2.49) |
5.918 (11.46) | |||||
lt |
15.146 (11.94) |
12.655 (9.72) |
17.031 (15.72) |
17.772 (15.99) |
12.137 (9.75) |
9.411 (7.29) |
17.169 (13.88) |
12.959 (9.75) |
ltd 96 |
15.090 |
11.453 (1.94) |
9.225 (1.87) |
17.582 (3.32) |
12.720 (2.36) |
4.388 (0.79) |
16.397 |
9.039 |
ltzit |
0.746 (1.23) |
102.367 (8.54) |
123.174 (10.16) |
24.914 (0.37) | ||||
st |
-9.808 (-7.13) |
-9.565 (-6.74) |
-9.648 (-8.28) |
-10.852 (-8.52) |
-7.597 (-5.78) |
-6.804 (-4.94) |
-9.501 (-7.35) |
-8.604 (-6.14) |
std 96 |
-25.165 (-2.80) |
-16.445 (-1.79) |
-16.648 (-2.19) |
-25.452 (-3.09) |
-21.572 (-2.59) |
-4.363 (-0.50) |
-25.734 (-3.09) |
-13.877 (-1.54) |
stzit |
-1.179 (-1.91) |
-74.449 (-6.61) |
-91.884 (-8.15) |
20.347 (1.59) | ||||
πt |
-3.632 (-3.42) |
-1.211 (-1.14) |
-8.316 (-9.00) |
-7.439 (-7.67) |
-1.386 (-1.36) |
0.502 (0.48) |
-7.019 (-6.75) |
-4.176 (-3.90) |
zit |
0.349 |
0.276 |
-8.515 (-13.71) |
-9.215 (-14.18) |
-5.193 (-4.25) |
-1.045 (-3.20) | ||
Spread restriction |
(-1.45) |
(-0.56) |
— |
(0.02) |
— |
— |
— |
(-0.15) |
Legend: see Table 5.
32
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