No. |
Variable |
Ways to measure |
1 |
Debt Ratio |
Prior month debt to assets ratio. πππ‘ππ ππππ‘π·πΈπ΅π = πππ‘ππ ππ π ππ‘π |
2 |
Dividend Yield |
Prior month dividend yield. πΆππ β πππ£ππππππ πππ π βππππ·ππΌπΈπΏπ· = ππππππ‘ π£πππ’π πππ π βπππ |
3 |
Earnings Per Share |
Prior month earnings per share. πππ‘ ππππππ β πππππππππ πππ£ππππππ πΈππ = π΄π£πππππ ππ’π‘π π‘ππππππ π βππππ |
4 |
Market-To-Book Value |
Prior month market-to-book value. ππππππ‘ π£πππ’π ππ πππππππ΅π = π΅πππ π£πππ’π ππ ππππ |
5 |
Prior Announcements return |
πΆπ΄π
(β20,β1) |
6 |
Return on Assets |
Prior month return on assets. πππ‘ πππππππ
ππ΄ = π΄π£πππππ π‘ππ‘ππ ππ π ππ‘π |
7 |
Firm Size |
Logarithm previous monthβs market capitalization before the announcements. |
8 |
Debt Ratio x Firm Size |
Multiply debt ratio by firm size. |
9 |
Dividend Yield x Firm Size |
Multiply dividend yield by firm size. |
10 |
Earnings Per Share x Firm Size |
Multiply earnings per share by firm size. |
11 |
Market-To-Book Value x Firm Size |
Multiply market-to-book value by firm size. |
12 |
Prior Announcement Returns x Firm Size |
Multiply prior announcement returns by firm size. |
13 |
Return on Assets x Firm Size |
Multiply return on assets by firm size. |