SUMMARY OUTPUT

Regression Statistics
Multiple R 0.836241460649999
R Square 0.699299780510043
Adjusted R Square 0.6952086210612
Standard Error 12.6062175676004
Observations 150

ANOVA
df SS MS F
Regression 2 54327.1069032 27163.553452 170.9294857
Residual 147 23360.7580402 158.91672136
Total 149 77687.8649433

Coefficients Standard Error t Stat P-value

Intercept 4.25579011317901 1.23402255271 3.4487133998 0.000735088
GWPS -3.22511903356142 0.80154409132 -4.023632721 9.138207E-05
EPS 0.232882550671712 0.01313763543 17.726367269 2.510839E-38

RESIDUAL OUTPUT

Observation Predicted Share price Residuals

1 27.7851050330985 -19.287105033
2 44.650845582865 -34.576845583
3 12.2139794316095 -3.3199794316
4 2.67868684720206 5.6663131528
5 -15.2414266797243 20.7514266797
6 -13.785182144877 18.6751821449
7 1.82579602434898 5.62420397565
8 0.303538441038043 7.23646155896
9 4.78902306522606 2.55097693477
10 2.98371176187332 3.57628823813
11 42.1311400656734 -11.841140066
12 42.7366346974199 -11.606634697
13 35.3595085982724 -7.3895085983
14 35.8215055522204 -3.5915055522
15 64.1490203481818 81.8009796518
16 135.714256771637 -19.134256772
17 78.5207732391942 39.4792267608
18 93.3790024839528 39.040997516
19 69.8424741098457 15.8075258902
20 23.7229879537862 39.3470120462
21 8.6120727750439 -5.351072775
22 6.39682807545577 -2.8188280755
23 -5.62894956081395 10.1019495608
24 8.6830715236746 -4.0610715237
25 11.0441550106362 -6.1331550106
26 11.3053695331597 -5.0153695332
27 4.78830180614021 1.98169819386
28 7.07487236201527 -0.164872362
29 3.53251414134236 1.29748585866
30 -21.0900058248717 25.6500058249
31 4.41988447024469 -4.2488844702
32 4.07865714083379 -3.9166571408
33 3.85082599526209 -3.7308259953
34 -1.54055253025042 1.67255253025
35 4.39850797111976 -4.2395079711
36 4.01890941352486 -3.7269094135
37 4.35891793750556 -4.0309179375
38 4.22617488362269 -3.9711748836
39 4.18092980842992 -3.7799298084
40 4.12102536906199 -3.8570253691
41 6.09234009020318 -5.4223400902
42 7.33251238758887 -6.5325123876
43 7.68646400975481 -6.0864640098
44 7.04137934439416 -5.8113793444
45 6.24724984660362 -5.0672498466
46 6.03299789998565 -4.8029979
47 1.17739671848044 -0.5273967185
48 3.74609125238943 -3.0560912524
49 3.01018239226682 -2.0101823923
50 1.81883355427237 -1.2938335543
51 6.18008484658097 -4.8400848466
52 5.47520068304838 -4.085200683
53 5.50147816405976 -3.7714781641
54 5.59388890764114 -4.2838889076
55 5.28557995891224 -4.2855799589
56 6.01378607652476 -5.1987860765
57 3.23690761245143 -2.5969076125
58 3.4290197656557 -2.7690197657
59 4.60045628817314 -3.6154562882
60 6.76392774612969 -5.7939277461
61 3.82272402499724 -3.474724025
62 2.36924130600626 -1.738241306
63 4.04664069464931 -3.5006406946
64 3.31314343468972 -3.1061434347
65 2.90890686470409 -2.8339068647
66 3.80084703377675 -3.7348470338
67 4.54072034386903 -4.3907203439
68 4.28354830340732 -3.9635483034
69 4.25360197522576 -4.0336019752
 70 3.1846710676426 -3.0896710676
71 4.25579011317901 -4.2557901132
72 4.25579011317901 -4.2557901132
73 3.01884882632928 0.89115117367
74 2.93044776420343 0.9795522358
75 3.30015339399027 0.29984660601
76 3.92033724476696 -0.3203372448
77 3.80570777727327 -0.2057077773
78 3.48783994511276 0.11216005489
79 3.82728621994306 -0.2272862199
80 3.62234957535195 -0.0223495754
81 7.21603776749241 -3.0560377675
82 1.60893772127505 1.80106227872
83 4.82801370386243 -1.3780137039
84 3.55512047730712 -0.6451204773
85 -9.05805702776531 10.2080570278
86 6.47761775644973 -4.3176177564
87 5.26817749860577 -2.6481774986
88 -1.42345599438429 4.05345599438
89 6.78769687516091 -3.9676968752
90 1.40096626500173 1.309033735
91 15.2389586559563 -11.238958656
92 10.5370599578944 -7.5170599579
93 8.47404307084642 -6.4940430708
94 7.48662105599836 -5.486621056
95 10.2858693150723 -8.1458693151
96 13.1879084083452 -9.2379084083
97 1.6060406513951 1.5339593486
98 4.66188332514962 -1.5118833251
99 -1.64008020118185 3.60008020118
100 4.1538162446653 -2.8338162447
101 0.418287431672438 4.68171256833
102 4.58549009988668 1.57450990011
103 20.5146565658318 -12.554656566
104 5.31549264871059 5.39450735129
105 7.57213225303487 6.11786774697
106 9.89874540791435 4.29125459209
107 10.0539593538362 3.18604064616
108 6.83785132905982 9.58214867094
109 10.2658901632628 8.91410983674
110 14.7968921499652 6.55310785003
111 7.73455198236764 -6.8245519824
112 9.43409206283087 -8.2440920628
113 7.0307441398988 -5.9857441399
114 5.68428924292972 -4.7792892429
115 5.47903008643526 -4.5690300864
116 2.18893678230348 -1.4239367823
117 6.97001554759374 -5.5500155476
118 7.88957911084365 -6.2995791108
119 7.98072581750897 -6.6407258175
120 0.105320520768829 1.19467947923
121 3.26958765535634 -2.9935876554
122 3.45589369589371 -3.1228936959
123 -5.85506485567456 6.00406485567
124 3.46814774875129 -3.3031477488
125 3.98324563883512 -3.6802456388
126 4.43022611928527 -3.2982261193
127 4.92205407668392 -3.4850540767
128 5.70625310349594 -3.9342531035
129 5.48977073319007 -2.9107707332
130 5.26297836551167 -3.2449783655
131 37.4334636873081 -15.479463687
132 32.1604520234232 -6.7624520234
133 39.4623685005348 -8.5533685005
134 41.5871184108936 -11.394118411
135 35.3306751928277 -13.394675193
136 -26.8971935982793 47.4471935983
137 22.0684040925343 0.19459590747
138 25.4951653100035 -0.69816531
139 42.1790187175873 -9.2570187176
140 15.2955037419326 16.8754962581
141 4.25579011317901 -4.2557901132
142 14.5598177823268 12.6081822177
143 -15.5495671940189 33.516567194
144 -4.21862677663419 13.0946267766
145 -2.76110452133263 4.70910452133
146 -0.916352208109308 2.56135220811
147 4.59826994703287 3.95273005297
148 19.8592166109832 -14.609216611
149 16.7898245931301 -13.359824593
150 -14.2324599818488 16.3824599818
Significance F
4.393699E-39

Lower 95% Upper 95% Lower 95.0% Upper 95.0%

1.8170736406 6.6945065858 1.8170736406 6.6945065858
-4.809157165 -1.641080902 -4.809157165 -1.641080902
0.2069195179 0.2588455834 0.2069195179 0.2588455834
 Dep. VariableIndep. Variable Control Variable
Serial no. Company Year Share price GWPS EPS logTA
1 ALQ 2011 8.498 7.3765 203.19 20.88
2 ALQ 2012 10.074 11.267 329.49 21.22
3 ALQ 2013 8.894 2.33 66.44 21.27
4 ALQ 2014 8.345 3.4308 40.74 21.65
5 ALQ 2015 5.51 2.913 -43.38 21.6
6 ALQ 2016 4.89 1.8022 -52.51 21.49
7 ALQ 2017 7.45 1.9218 16.18 21.49
8 ALQ 2018 7.54 1.9721 10.34 21.45
9 ALQ 2019 7.34 2.1143 31.57 21.5
10 ALQ 2020 6.56 2.3058 26.47 21.8
11 BKL 2011 30.29 0.0392 163.18 18.85
12 BKL 2012 31.13 0.0392 165.78 18.98
13 BKL 2013 27.97 1.0355 147.9 19.26
14 BKL 2014 32.23 0.9854 149.19 19.28
15 BKL 2015 145.95 0.979 270.74 19.5
16 BKL 2016 116.58 1.163 580.59 19.89
17 BKL 2017 118 1.7103 342.58 19.84
18 BKL 2018 132.42 1.7102 406.38 19.96
19 BKL 2019 85.65 1.9872 309.15 20.01
20 BKL 2020 63.07 1.4404 103.54 20.15
21 BLD 2011 3.261 0.3339 23.33 22.46
22 BLD 2012 3.578 1.0511 23.75 22.59
23 BLD 2013 4.473 1.0669 -27.67 22.57
24 BLD 2014 4.622 0.2339 22.25 22.44
25 BLD 2015 4.911 0.273 32.93 22.49
26 BLD 2016 6.29 0.2866 34.24 22.48
27 BLD 2017 6.77 1.9405 29.16 22.95
28 BLD 2018 6.91 1.8424 37.62 22.98
29 BLD 2019 4.83 1.9024 23.24 22.98
30 BLD 2020 4.56 0.9788 -95.28 22.94
31 BSA 2011 0.171 0.2394 4.02 19.02
32 BSA 2012 0.162 0.2405 2.57 19.06
33 BSA 2013 0.12 0.2411 1.6 18.99
34 BSA 2014 0.132 0.0664 -23.97 18.78
35 BSA 2015 0.159 0.0359 1.11 18.77
36 BSA 2016 0.292 0.0359 -0.52 18.74
37 BSA 2017 0.328 0.0359 0.94 18.85
38 BSA 2018 0.255 0.0359 0.37 18.88
39 BSA 2019 0.401 0.0261 0.04 18.83
40 BSA 2020 0.264 0.0259 -0.22 18.81
41 BYI 2011 0.67 0.0566 8.67 17.84
42 BYI 2012 0.8 0.0851 14.39 17.98
43 BYI 2013 1.6 0.075 15.77 18.06
44 BYI 2014 1.23 0.075 13 18.13
45 BYI 2015 1.18 0.075 9.59 18.11
46 BYI 2016 1.23 0.075 8.67 18.15
47 BYI 2017 0.65 0.075 -12.18 18.12
48 BYI 2018 0.69 0.075 -1.15 18.04
49 BYI 2019 1 0.075 -4.31 18.03
50 BYI 2020 0.525 0.0032 -10.42 18.13
51 CUP 2011 1.34 0.3565 13.2 18.28
52 CUP 2012 1.39 0.3606 10.23 18.37
53 CUP 2013 1.73 0.3344 9.98 18.44
54 CUP 2014 1.31 0.3173 10.14 18.42
55 CUP 2015 1 0.3313 9.01 18.47
56 CUP 2016 0.815 0.3308 12.13 18.6
57 CUP 2017 0.64 0.3087 -0.1 18.41
58 CUP 2018 0.66 0.2448 -0.16 18.14
59 CUP 2019 0.985 0 1.48 18.16
60 CUP 2020 0.97 0.2549 14.3 19.68
61 EVZ 2011 0.348 0.1415 0.1 17.93
62 EVZ 2012 0.631 0.0961 -6.77 17.68
63 EVZ 2013 0.546 0.0959 0.43 17.71
64 EVZ 2014 0.207 0.0771 -2.98 17.64
65 EVZ 2015 0.075 0.0573 -4.99 17.51
66 EVZ 2016 0.066 0.0573 -1.16 17.43
67 EVZ 2017 0.15 0.0178 1.47 17.36
68 EVZ 2018 0.32 0.0145 0.32 17.53
69 EVZ 2019 0.22 0.1256 1.73 17.65
70 EVZ 2020 0.095 0.1256 -2.86 17.61
71 MIH 2011 0 0 0 0
72 MIH 2012 0 0 0 0
73 MIH 2013 3.91 0.0817 -4.18 19.14
74 MIH 2014 3.91 0.0434 -5.09 19.08
75 MIH 2015 3.6 0.0508 -3.4 19.13
76 MIH 2016 3.6 0.0513 -0.73 19.11
77 MIH 2017 3.6 0.0168 -1.7 18.85
78 MIH 2018 3.6 0.0186 -3.04 18.93
79 MIH 2019 3.6 0 -1.84 18.79
80 MIH 2020 3.6 0 -2.72 18.59
81 MTS 2011 4.16 1.3531 31.45 22.06
82 MTS 2012 3.41 1.6641 11.68 22.12
83 MTS 2013 3.45 1.5527 23.96 22.14
84 MTS 2014 2.91 1.6015 19.17 22.16
85 MTS 2015 1.15 1.0694 -42.36 22.05
86 MTS 2016 2.16 0.995 23.32 21.93
 87 MTS 2017 2.62 0.9808 17.93 22.02
88 MTS 2018 2.63 0.6547 -15.32 22.04
89 MTS 2019 2.82 0.714 20.76 22.02
90 MTS 2020 2.71 0.4346 -6.24 22.27
91 PCG 2011 4 0.0042 47.22 17.68
92 PCG 2012 3.02 0.0042 27.03 17.12
93 PCG 2013 1.98 0.0041 18.17 16.97
94 PCG 2014 2 0.0041 13.93 16.96
95 PCG 2015 2.14 0.0041 25.95 17.28
96 PCG 2016 3.95 0.004 38.41 17.94
97 PCG 2017 3.14 0.5046 -4.39 18.71
98 PCG 2018 3.15 0.5153 8.88 18.49
99 PCG 2019 1.96 0.5464 -17.75 18.43
100 PCG 2020 1.32 0.5573 7.28 18.48
101 PMV 2011 5.1 3.0767 26.13 21.1
102 PMV 2012 6.16 3.0728 43.97 21.13
103 PMV 2013 7.96 3.0728 112.37 21.17
104 PMV 2014 10.71 3.0638 46.98 21.19
105 PMV 2015 13.69 3.0508 56.49 21.22
106 PMV 2016 14.19 3.0356 66.27 21.23
107 PMV 2017 13.24 3.0243 66.78 21.28
108 PMV 2018 16.42 3.0243 52.97 21.28
109 PMV 2019 19.18 3.0113 67.51 21.29
110 PMV 2020 21.35 3.0058 86.89 21.51
111 REX 2011 0.91 0.0637 15.82 19.29
112 REX 2012 1.19 0.0653 23.14 19.37
113 REX 2013 1.045 0.0653 12.82 19.38
114 REX 2014 0.905 0.0647 7.03 19.48
115 REX 2015 0.91 0.0648 6.15 19.45
116 REX 2016 0.765 0.0047 -8.81 19.42
117 REX 2017 1.42 0.0047 11.72 19.42
118 REX 2018 1.59 0.0048 15.67 19.43
119 REX 2019 1.34 0.0047 16.06 19.42
120 REX 2020 1.3 0.0016 -17.8 19.35
121 SSM 2011 0.276 0.7246 5.8 19.81
122 SSM 2012 0.333 0.7246 6.6 19.89
123 SSM 2013 0.149 0.4077 -37.77 19.6
124 SSM 2014 0.165 0.2991 0.76 19.37
125 SSM 2015 0.303 0.3033 3.03 19.4
126 SSM 2016 1.132 0.3214 5.2 19.44
127 SSM 2017 1.437 0.3552 7.78 19.62
128 SSM 2018 1.772 0.3655 11.29 19.7
129 SSM 2019 2.579 0.5626 13.09 20.22
130 SSM 2020 2.018 0.5636 12.13 20.19
131 WOW 2011 21.954 2.6533 179.21 23.77
132 WOW 2012 25.398 2.6152 156.04 23.8
133 WOW 2013 30.909 2.7203 188.85 23.83
134 WOW 2014 30.193 3.0818 202.98 23.91
135 WOW 2015 21.936 3.0208 175.27 23.96
136 WOW 2016 20.55 2.8444 -94.38 23.88
137 WOW 2017 22.263 3.2698 121.77 23.86
138 WOW 2018 24.797 3.1756 135.18 23.88
139 WOW 2019 32.922 3.3503 209.24 23.88
140 WOW 2020 32.171 3.322 93.41 24.37
141 YAL 2011 0 0 0 0
142 YAL 2012 27.168 0.0978 45.6 22.79
143 YAL 2013 17.967 0.0978 -83.69 22.76
144 YAL 2014 8.876 0.0606 -35.55 22.74
145 YAL 2015 1.948 0.0607 -29.29 22.79
146 YAL 2016 1.645 0.0606 -21.37 22.76
147 YAL 2017 8.551 0.0014 1.49 23.23
148 YAL 2018 5.25 0.0454 67.63 23.24
149 YAL 2019 3.43 0.0454 54.45 23.13
150 YAL 2020 2.15 0.0454 -78.76 23.13
ntrol Variable
Leverage
141.96%
175.84%
173.97% Share Price - Regression Analysis
178.76% 700
195.94% 600
180.91% 500
181.37% 400 f(x) = 3.2154058421463 x + 5.78239382647526
183.45% 300
197.49% 200
263.89% 100
193.56%
0
202.56% 0 20 40 60 80 100 120 140 160
-100
236.08%
-200
227.00%
220.75% GWPS EPS Linear (EPS) Linear (EPS)
240.33%
230.50%
240.44%
236.34%
182.99%
179.57%
190.96%
186.13%
166.04%
166.44%
165.43%
171.19%
165.95%
162.89%
202.91%
249.13%
253.34%
237.17%
722.16%
323.48%
332.15%
337.00%
351.77%
418.73%
456.68%
178.23%
177.75%
165.54%
163.31%
161.68%
169.50%
230.59%
220.30%
240.62%
356.80%
177.50%
177.27%
195.49%
194.98%
198.01%
190.45%
170.64%
123.84%
126.19%
453.22%
162.27%
201.04%
197.83%
247.47%
485.64%
641.85%
255.63%
216.12%
192.31%
209.69%
0%
0%
115.80%
121.36%
123.76%
124.84%
111.40%
117.65%
112.02%
113.86%
263.37%
302.45%
254.48%
263.72%
325.69%
244.55%
223.27%
267.82%
293.30%
342.34%
130.43%
135.07%
122.12%
122.10%
121.22%
113.66%
147.70%
118.94%
125.79%
125.60%
122.47%
119.98%
120.12%
122.90%
122.47%
124.23%
130.02%
130.22%
131.09%
163.46%
149.02%
146.90%
143.71%
152.95%
144.18%
145.34%
138.87%
137.96%
132.83%
145.60%
158.18%
160.06%
205.96%
143.17%
140.70%
150.14%
160.81%
173.03%
197.28%
182.94%
268.86%
255.51%
239.24%
229.97%
227.60%
267.62%
232.03%
217.14%
220.18%
425.95%
0%
430.11%
783.33%
300.72%
466.13%
566.64%
244.99%
212.54%
179.99%
212.88%
140 160