By Cheng-Few Lee
"Advances in Quantitative research of Finance and Accounting" is an annual ebook to disseminate advancements within the quantitative research of finance and accounting. The ebook is a discussion board for statistical and quantitative analyses of matters in finance and accounting in addition to functions of quantitative how you can difficulties in monetary administration, monetary accounting, and company administration. the target is to advertise interplay among educational study in finance and accounting and utilized examine within the monetary neighborhood and the accounting occupation. The papers during this quantity conceal quite a lot of subject matters together with gains administration, administration reimbursement, alternative thought and alertness, debt administration and rate of interest idea, and portfolio diversification.
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Additional info for Advances in Quantitative Analysis of Finance and Accounting, Volume 4
B. Herath Table 13. Estimated regression coefficients (t-statistics are listed below the coefficients) for Model 5: Full sample split into deciles on profitability (q). 00 level except as indicated. 00 level. As previously observed, the coefficient for total capital (debt plus the book value of equity) is larger than the coefficient for debt in deciles 4 and 5, which are steady state firms indicating value irrelevancy. The coefficient of debt is larger than the coefficient of total capital (debt plus equity) for deciles 1-3, which pertain to loss firms, indicating that debt plays some role as a measure of risk in equity valuation.
Those with the lowest profitability, include all the loss firms that gave the anomalous results identified earlier). This procedure was motivated by the predictions made earlier that the coefficients a and ji should vary with profitability. The formation of deciles that are more homogeneous in profitability should fit the data more efficiently and parsimoniously. The results of fitting Model 1 for deciles are presented in Table 9. The fit to Model 1 for all deciles is quite good as measured by the R2 and F values, although they vary noticeably among deciles.
A comparison of the results from Models 1 and 2 for the low efficiency firms shows that Model 2 has the same explanatory power as Model 1 even though it has an additional explanatory variable. Further, the coefficients (a), (/3) and (y) in these two models are quite close. The negative value for the return coefficient (8) is opposite to the predicted value, and its 18 A. William Richardson, Raafat R. Roubi & Hemantha S. B. Herath Table 8. Summary comparison of estimated regression coefficients and R efficiency, steady state, and high efficiency sub-samples using Models 1-4.