The name is absent

Table 4. Tests for the predictability of value weighted NYSE returns.
Predictor: DY______________________________________________

(₇,p) = (1.5,0.3)	W₁__________	W₂__________
m_o = 1	Ê(m) = 4.992 J3(m_o) = 4.992	Ê(m) = 5.139 Ê(m_o) = 5.139
m_o = 15	Ê(m) = 6.266 Ê(m_o) = 6.266	Ê(m) = 6.798* Ê(m_o) = 6.798*
(7,d) = (0.5,0.1T=	W₁	Wv₂
mo = 1	Ê(m) = 6.862* Ê(m_o) = 4.992	Ê(m) = 6.879* Ê(m_o) = 5.139
m_o = 15	Ê(m) = 6.266 Ê(m_o) = 6.266	Ê(m) = 6.798* Ê(m_o) = 6.798*

RESET = 6.856***

Predictor: BM____________________________________________
(₇,p) = (1.5,0.3)	W₁	W2
mo = 1	Ê(m) = 3.632* Ê(m_o) = 3.632*	Ê(m) = 4.353 Ê(mo) = 4.353
m_o = 15	Ê(m) = 3.490* Ê(mo) = 3.490*	Ê(m) = 8.583* Ê(mo) = 8.583*
(₇,_p) = (0.5, 0.1^	Wi	W2
mo = 1	Ê(m) = 4.938** Ê(mo) = 3.632*	Ê(m) = 8.583* Ê(mo) = 4.353
m_o = 15	Ê(m) = 4.938** Ê(mo) = 3.490*	Ê(m) = 8.583* Ê(m_o) = 8.583*
RESET = 4.271**

Predictor: EP_________________________________________________
(7,p) = (1.5,0.3)	Wi__________	W2__________
mo = 1	Ê(m) = 1.580 Ê(mo) = 1.580	Ê(m) = 6.815* Ê(m_o) = 6.815*
m_o = 15	Ê(m) = 7.518* Ê(m_o) = 7.518*	Ê(m) = 5.949 Ê(m_o) = 5.949
(7,_p) = (0.5, 0.1T=	Wi	W2
mo = 1	Ê(m) = 1.580 Ê(m_o) = 1.580	Ê(m) = 6.815* Ê(m_o) = 6.815*
m_o = 15	Ê(m) = 7.518* j?(m_o) = 7.518*	Ê(m) = 7.437* Ê(m_o) = 5.949
RESET = 6.881***

* significant at 10% level. ** significant at 5% level. *** significant at 1% level.

24

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