Variable Mean SD Kurtosis Skewness Minimum Maximum
Valuet 0.892614 0.336046 3.110434 1.450592 0.338329 2.226506
Earningst 0.036777 0.064437 5.073318 −1.27645 −0.24827 0.225845
ΔNetAssetst 0.013298 0.130398 6.307036 −0.71247 −0.57849 0.44641
RnDt 0.000696 0.003906 38.41291 6.218418 0 0.028493
Interestt 0.014244 0.015269 4.345705 1.899242 0 0.078762
Dividendt 0.01302 0.018339 7.374628 2.475906 0 0.101615
Casht 0.095191 0.089114 1.565394 1.405469 0.001083 0.395743
NWCt 0.131543 0.17273 0.989724 0.125514 −0.40831 0.613426
Notes: Value is a firm’s common stock price multiplied by its shares outstanding at the end of the fiscal year t (or its market capitalization) plus preferred stock
(taken to be, in order and as available, redemption value, liquidating value, or par value) plus total book liabilities minus balance sheet deferred taxes and
investment tax credit, if available. Earnings is net income before extraordinary items plus interest expenses. NetAssets is total assets minus cash and
marketable securities minus the asset portion of net operating working capital (i.e. accounts receivables plus inventories). RnD is research and development
expenditure. Interest is total interest payment. Dividend is total common dividends paid out. Cash is the value of cash and marketable securities. NWC is
accounts receivables plus inventories minus accounts payables