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Table 7 Cross-sectional regression with BM as the dependent variable and BETA as the independent variable year by year

From: BM(book-to-market ratio) factor: medium-term momentum and long-term reversal

  Cons BETA Adj.R2
2010 0.2554 -0.1546 0.0655
2011 0.4229 -0.2986 0.0055
2012 0.3500 -0.2014 0.0204
2013 0.4476 -0.1012 0.0253
2014 0.2759 -0.0281 0.0062
2015 0.3939 -0.2399 0.0772