臺大管理論叢 NTU Management Review VOL.29 NO.1

221 NTU Management Review Vol. 29 No. 1 Apr. 2019 Table 3 Descriptive Statistics of The Various Variables R t X t-1 X t X t3 R t3 IM t SIZE t LEV t MB t Panel A: Entire Sample (N = 7, 932) Mean 0.263 0.063 0.088 0.301 0.311 0.002 15.107 0.376 1.582 SD 0.816 0.173 0.170 0.490 0.892 0.010 1.305 0.169 1.038 Min -0.746 -0.649 -0.402 -0.632 -0.834 0.000 12.753 0.071 0.340 Q1 -0.258 0 .007 0.006 -0.008 -0.276 0.000 14.170 0.245 0.870 Median 0.042 0.082 0.081 0.218 0.105 0.000 14.933 0.368 1.300 Q3 0.513 0.157 0.169 0.502 0.638 0.000 15.836 0.490 1.970 Max 3.432 0.410 0.595 2.084 3.853 0.359 18.901 0.790 5.640 Panel B: Without Impairment Subsample (N = 6, 989) Mean 0.275 0.070 0.097 0.312 0.315 0.000 15.108 0.370 1.611 SD 0.813 0.167 0.161 0.488 0.883 0.000 1.299 0.167 1.046 Min -0.746 -0.649 -0.402 -0.632 -0.834 0.000 12.753 0.071 0.340 Q1 -0.241 0.013 0.013 0.006 -0.267 0.000 14.172 0.241 0.900 Median 0.055 0.087 0.087 0.232 0.114 0.000 14.933 0.363 1.330 Q3 0.518 0.161 0.173 0.511 0.644 0.000 15.827 0.482 2.000 Max 3.432 0.410 0.595 2.084 3.853 0.000 18.901 0.790 5.640 Panel C: Impairment without Reversals Subsample (N = 875) Mean 0.175 0.011 0.019 0.221 0.273 0.015 15.130 0.419 1.381 SD 0.826 0.202 0.208 0.501 0.953 0.026 1.365 0.181 0.951 Min -0.746 -0.649 -0.402 -0.632 -0.834 0.001 12.753 0.071 0.340 Q1 -0.391 -0.051 -0.094 -0.088 -0.357 0.003 14.155 0.278 0.710 Median -0.026 0.036 0.017 0.122 0.030 0.006 14.956 0.414 1.110 Q3 0.460 0.125 0.128 0.427 0.585 0.016 15.912 0.534 1.740 Max 3.432 0.410 0.595 2.084 3.853 0.359 18.901 0.790 5.640 Panel D: Impairment with Reversals Subsample (N = 68) Mean 0.130 -0.027 -0.028 0.213 0.354 0.021 14.802 0.446 1.178 SD 0.968 0.185 0.191 0.468 1.000 0.022 1.107 0.194 0.871 Min -0.746 -0.649 -0.402 -0.593 -0.765 0.001 12.753 0.075 0.340 Q1 -0.477 -0.120 -0.159 -0.059 -0.205 0.005 13.865 0.263 0.650 Median -0.158 0.014 -0.028 0.109 0.020 0.015 14.868 0.426 0.965 Q3 0.280 0.080 0.094 0.390 0.515 0.030 15.661 0.626 1.440 Max 3.432 0.365 0.595 2.084 3.853 0.108 17.167 0.790 5.350 Legends: R t : a firm’s ex-dividend annual stock return in year t . X t-1 : the earnings per share in year t -1, deflated by the stock price at the beginning of year t . X t : the earnings per share in year t , deflated by the stock price at the beginning of year t . X t3 : the sum of earnings per share for year t +1 through t +3, deflated by the stock price at the beginning of year t . R t3 : the annually compounded returns for year t +1 through t +3. IM t : impairment loss in year t , deflated by the total assets at the beginning of year t . LEV t : a firm’s leverage in year t . MB t : market-to-book ratio in year t . SIZE t : natural logarithm of book value of total assets in year t .