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Table 5 Earnings surprise regression result

From: Earnings surprise and share price of firms in Nigeria

 

A priori sign

Dependent variable: SP

Fixed effects

Random effects

C

 + 

169.286

(144.43)

{0.2417}

−6.68602

(5.5756)

{0.2309}

ESUR

 + 

−76.165

(81.7380)

{0.3519}

19.2557***

(4.1358)

{0.000}

BVPS

 + 

0.0018*

(0.0010)

{0.0755}

0.0018

(0.0028)

{0.5141}

EPS

 + 

−74. 987

(81.561)

{0.3583}

22.787***

(4.4107)

{0.000}

ESUR*BVPS

 + 

0.0005

(0.0007)

{0.4420}

0.0007

(0.0019)

{0.7384}

ESUR*EPS

 + 

−0.1129***

(0.0146)

{0.0000}

−0.2513**

(0.1198)

{0.0363}

AR(1)

 + 

0.4094***

(0.0846)

{0.0000}

 

R2

0.928

0.591

Adjusted R2

0.917

0. 588

χ2Hausman

38.43(0.000)

F-statistic

82.51

193.97

Prob(F-stat)

0.000

0.000

Durbin–Watson

1.99

1.29

  1. Source: Researcher’s Compilation (2022) ***sig @1%, ** sig @ 5% and *sig @ 10%