臺大管理論叢 NTU Management Review VOL.30 NO.2

327 NTU Management Review Vol. 30 No. 2 Aug. 2020 Table 6 Match Sample: Earnings Predictability for the Fair Value Model and the Cost Model Future income as a dependent variable (7) One-year-ahead (8) Two-years-ahead (9) Three-years-ahead Variable Coefficient t -statistic Coefficient t -statistic Coefficient t -statistic Intercept 1.03 1.58 1.27 1.91* 1.85 2.15** IN 1.38 2.33** 1.29 2.15** 0.94 1.23 D_PV -0.05 -0.34 -0.012 -0.22 -0.05 -0.31 IN*D_FV 0.30 2.34** 0.25 2.21** 0.27 2.15** IP -0.44 -0.89 -0.51 -1.00 -0.71 -1.08 SIZE -0.17 -2.11** -0.19 -2.41** -0.23 -2.19** MB 0.01 0.63 0.002 0.16 -0.0002 -0.01 LEV 0.02 0.05 0.04 0.09 -0.09 -0.17 STATE -0.13 -1.87* -0.15 -2.18* -0.14 -1.89* APP -0.11 -1.71* -0.16 -2.30** -0.29 -3.17*** Adj R 2 0.45 0.39 0.40 Note: All variables are as described in Appendix A. *, **, *** indicate statistical significance at less than the 10%, 5%, and 1% level, respectively (two-tailed). Table 7 Match Sample: Earnings Predictability for Cost and Accumulated Changes in the Fair Value of Investment Properties Future income as a dependent variable (10) One-year-ahead (11) Two-years-ahead (12) Three-years-ahead Variable Coefficient t -statistic Coefficient t -statistic Coefficient t -statistic Intercept 0.62 1.52 0.89 1.85 1.15 1.79 IN 0.22 0.48 0.26 0.51 -0.30 -0.42 SUM_FV 4.26 2.62*** 3.86 2.39** 4.24 1.94* IN*SUM_FV 0.22 2.34* 0.31 2.45** 0.28 2.29** IP -0.39 -1.40 -0.37 -1.32 -0.13 -0.34 SIZE -0.04 -1.28 -0.08 -1.66 -0.06 -0.88 MB 0.03 1.63 0.02 0.99 0.02 0.98 LEV -0.65 -1.37 -0.56 -1.21 -0.92 -1.50 STATE -0.22 -1.87* -0.25 -2.15* -0.24 -1.89* APP -0.06 -1.36 -0.12 -2.45** -0.25 -3.07*** Adj R 2 0.45 0.40 0.42 Note: All variables are as described in Appendix A. *, **, *** indicate statistical significance at less than the 10%, 5%, and 1% level, respectively (two-tailed).