From: An empirical study of the earnings–returns association: an evidence from China’s A-share market
Years | Model (1) | Model (2) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Coef. | t | p value | Adj. R2 | ObS. | Coef. | t | p value | Adj. R2 | ObS. | |
Panel A: for all the years of the study | ||||||||||
2007–2016 | .5374857 | 12.76 | 0.000 | 0.0075 | 21,351 | .7871743 | 14.94 | 0.000 | 0.0103 | 21,351 |
Panel B: for each year of the study | ||||||||||
2007 | .8667998 | 5.20 | 0.000 | 0.0174 | 1469 | .8652518 | 5.19 | 0.000 | 0.0174 | 1469 |
2008 | − .0791556 | − 2.35 | 0.019 | 0.0029 | 1573 | .2334002 | 3.80 | 0.000 | 0.0085 | 1573 |
2009 | .1363219 | 1.77 | 0.077 | 0.0013 | 1651 | .5110337 | 4.16 | 0.000 | 0.0098 | 1651 |
2010 | .4337996 | 3.29 | 0.001 | 0.0056 | 1741 | .6571182 | 4.32 | 0.000 | 0.0101 | 1741 |
2011 | 1.000335 | 15.78 | 0.000 | 0.1069 | 2074 | .9910451 | 16.32 | 0.000 | 0.1135 | 2074 |
2012 | .0932823 | 1.36 | 0.175 | 0.0004 | 2353 | .5801068 | 7.85 | 0.000 | 0.0251 | 2353 |
2013 | .2538702 | 3.00 | 0.003 | 0.0032 | 2517 | .4283031 | 4.39 | 0.000 | 0.0072 | 2517 |
2014 | .1901409 | 1.97 | 0.050 | 0.0011 | 2505 | .3437245 | 3.43 | .001 | 0.0043 | 2505 |
2015 | .0490441 | 0.39 | 0.695 | − 0.0003 | 2640 | .136619 | 1.08 | 0.282 | 0.0001 | 2640 |
2016 | .2284659 | 3.13 | 0.002 | 0.0031 | 2828 | .5595473 | 4.16 | 0.000 | 0.0057 | 2828 |
Panel C: each 5 years of the study | ||||||||||
2007–2011 | .7440664 | 10.68 | 0.000 | 0.0131 | 8508 | 1.15279 | 12.29 | 0.000 | 0.0173 | 8508 |
2012–2016 | .0727095 | 1.49 | 0.137 | 0.0001 | 12,843 | .2983219 | 5.48 | 0.000 | 0.0023 | 12,843 |