r. david mclean, jeffrey pontiff and akiko watanabe - Center for ...
r. david mclean, jeffrey pontiff and akiko watanabe - Center for ...
r. david mclean, jeffrey pontiff and akiko watanabe - Center for ...
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Panel C: Governance Interactions: 1-Month Returns<br />
Regression (1) (2) (3) (4)<br />
Interactive<br />
Variable Common Account Criminal Liability Protect<br />
47<br />
(5)<br />
(6)<br />
Erngs.<br />
Mgmt.<br />
Intercept 0.72 -1.17 1.81 1.20 1.46 0.71<br />
(2.67) (-0.38) (1.12) (1.58) (1.24) (1.97)<br />
ME 0.04 0.04 0.04 0.04 0.04 0.03<br />
(1.19) (1.20) (1.23) (1.21) (1.20) (1.09)<br />
BM 0.39 0.39 0.40 0.39 0.39 0.39<br />
(7.24) (7.15) (7.23) (7.20) (7.19) (6.85)<br />
BM-Dum 0.26 0.27 0.27 0.27 0.26 0.26<br />
(6.14) (6.06) (6.19) (6.12) (6.10) (5.69)<br />
MOM 0.99 1.00 1.00 1.00 0.99 1.03<br />
(5.65) (5.61) (5.60) (5.61) (5.61) (5.70)<br />
ISSUE -0.43 1.41 -1.34 -0.02 0.19 -1.66<br />
(-3.56) (2.42) (-5.88) (-0.11) (0.88) (-7.44)<br />
Variable 0.05 0.03 -2.19 -0.45 -0.72 0.03<br />
(0.16) (0.66) (-0.62) (-0.52) (-0.55) (0.56)<br />
Interaction -0.96 -0.04 0.53 -1.46 -1.72 0.06<br />
(-5.58) (-3.99) (1.36) (-3.96) (-4.64) (4.89)<br />
Average<br />
Adj. R 2 15.80 15.27 15.26 15.28 15.28 14.66
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