BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƢỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH t to _ ng hi ep w n lo ad ju y th yi pl VƢƠNG LÊ SƠN n ua al n va ll fu oi m at nh ỨNG DỤNG MƠ HÌNH F-SCORE ĐỂ DỰ ĐOÁN z GIAN LẬN TRÊN BÁO CÁO TÀI CHÍNH CỦA CÁC z vb jm ht CƠNG TY NIÊM YẾT TẠI SỞ GIAO DỊCH CHỨNG k KHOÁN THÀNH PHỐ HỒ CHÍ MINH om l.c gm an Lu n va LUẬN VĂN THẠC SĨ KINH TẾ ey t re Tp Hồ Chí Minh, năm 2019 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƢỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH t to _ ng hi ep w VƢƠNG LÊ SƠN n lo ad ju y th yi ỨNG DỤNG MƠ HÌNH F-SCORE ĐỂ DỰ ĐỐN pl al n ua GIAN LẬN TRÊN BÁO CÁO TÀI CHÍNH CỦA CÁC n va CÔNG TY NIÊM YẾT TẠI SỞ GIAO DỊCH CHỨNG fu ll KHỐN THÀNH PHỐ HỒ CHÍ MINH oi m at nh Chuyên ngành: Kế toán z Mã số: 8340301 z k jm ht vb om l.c gm LUẬN VĂN THẠC SĨ KINH TẾ n va ey t re TS TRẦN KHÁNH LÂM an Lu NGƯỜI HƯỚNG DẪN KHOA HỌC: Tp Hồ Chí Minh, năm 2019 i LỜI CAM ĐOAN t to Tôi xin cam đoan luận văn “Ứng dụng mơ hình F-SCORE để dự đốn ng gian lận Báo cáo tài công ty niêm yết Sở giao dịch Chứng hi ep khốn Thành phố Hồ Chí Minh” cơng trình nghiên cứu tơi với hướng dẫn TS Trần Khánh Lâm Những liệu nghiên cứu sử dụng w n luận văn lấy từ nguồn đáng tin cậy trích dẫn rõ ràng Nội dung lo ad kết nghiên cứu luận văn chưa công bố cơng ju y th trình nghiên cứu trước yi Tp Hồ Chí Minh, ngày … tháng … năm 2019 pl n ua al n va ll fu Tác giả luận văn oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re ii MỤC LỤC t to TRANG PHỤ BÌA ng LỜI CAM ĐOAN i hi ep MỤC LỤC ii DANH MỤC CÁC KÝ HIỆU, CÁC CHỮ VIẾT TẮT v w n DANH MỤC CÁC BẢNG BIỂU vi lo ad TÓM TẮT LUẬN VĂN THẠC SỸ vii y th CHƢƠNG TỔNG QUAN ĐỀ TÀI NGHIÊN CỨU Lý chọn đề tài 1.2 Mục tiêu nghiên cứu .3 1.3 Câu hỏi nghiên cứu 1.4 Đối tƣợng nghiên cứu phạm vi nghiên cứu .3 1.5 Phƣơng pháp nghiên cứu .4 1.6 Ý nghĩa đề tài 1.7 Điểm đề tài nghiên cứu 1.8 Bố cục đề tài .5 ju 1.1 yi pl n ua al n va ll fu oi m at nh z CHƢƠNG TỔNG QUAN LÝ THUYẾT z Các khái niệm liên quan vb 2.1 jm ht 2.1.1 Khái niệm sai sót , gian lận k 2.1.2 Khái niệm hành vi gian lận BCTC .8 gm 2.1.3 Phân loại hành vi gian lận 11 l.c 2.1.4 Các hành vi gian lận phổ biến BCTC .13 om 2.1.5 Các trường hợp chênh lệch BCTC trước sau kiểm toán thời 2.2 an Lu gian gần thị trường chứng khoán Việt Nam (BCTC năm 2017) .22 Các lý thuyết giải thích cho hành vi gian lận BCTC 27 Các nghiên cứu trƣớc gian lận BCTC 31 2.3.1 Báo cáo gian lận lạm quyền cho quốc gia ACFE năm 2018 31 ey 2.3 t re 2.2.2 Các lý thuyết nghiên cứu hành vi gian lận 29 n va 2.2.1 Các lý thuyết tảng 27 iii 2.3.2 Khảo sát Tội phạm kinh tế Gian lận Toàn cầu năm 2018 với Góc nhìn t to Việt Nam Cơng ty TNHH PricewarterhouseCooper (Việt Nam) (PwC) 34 ng 2.3.3 Các nghiên cứu kỹ thuật phân tích dự đốn rủi ro xảy gian lận hi ep báo cáo tài học giả nước ngồi 36 2.4 Xác định khoảng trống nghiên cứu 51 w CHƢƠNG PHƢƠNG PHÁP NGHIÊN CỨU 54 n lo Dữ liệu nghiên cứu .55 y th 3.2 Mơ hình nghiên cứu giả thiết nghiên cứu .54 ad 3.1 ju 3.2.1 Xác định mẫu nghiên cứu .55 yi pl 3.2.2 Chọn mẫu nghiên cứu 57 ua al 3.2.3 Mô tả mẫu nghiên cứu 58 Thiết kế liệu nghiên cứu 61 3.4 Các biến nghiên cứu .62 n 3.3 n va fu ll 3.4.1 Biến phụ thuộc .62 oi m 3.4.2 Các biến độc lập .62 Quy trình thực nghiên cứu 73 at nh 3.5 CHƢƠNG KẾT QUẢ NGHIÊN CỨU VÀ THẢO LUẬN 76 z Đặc điểm mẫu nghiên cứu 76 z vb 4.1 jm ht 4.1.1 Thống kê mô tả .76 4.1.2 Phân tích tương quan 78 k Kiểm định khác biệt hai nhóm gian lận khơng gian lận 79 gm 4.2 l.c 4.2.1 Kiểm định khác biệt giá trị trung bình hai nhóm 79 om 4.2.2 Kiểm định khác biệt phân phối hai nhóm .80 Kết ƣớc lƣợng mơ hình 81 4.4 Bàn luận kết nghiên cứu .83 4.5 Xây dựng mơ hình dự đốn 84 4.6 Kiểm định kết dự đoán 85 an Lu 4.3 ey Kết luận 89 t re 5.1 n va CHƢƠNG KẾT LUẬN VÀ KIẾN NGHỊ 89 iv t to ng 5.2 Kiến nghị .90 5.3 Hạn chế đề tài nghiên cứu 91 5.4 Hƣớng nghiên cứu 92 hi ep TÀI LIỆU THAM KHẢO 94 PHỤ LỤC 1: KẾT QUẢ NGHIÊN CỨU 98 w PHỤ LỤC 2: KẾT QUẢ DỰ ĐOÁN NĂM 2017 108 n lo ad PHỤ LỤC 3: DỮ LIỆU PHỤC VỤ NGHIÊN CỨU 120 ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re v DANH MỤC CÁC KÝ HIỆU, CÁC CHỮ VIẾT TẮT t to ng hi Từ tắt Diễn giải ACFE Hiệp hội nhà điều tra gian lận Mỹ BCTC Báo cáo tài ep STT w n lo Giám đốc tài CEO ad y th FBI FEM Fixed effects model (Mô hình tác động cố định) HOSE Sở giao dịch Chứng khốn Thành phố Hồ Chí Minh REM Random effects model (Mơ hình tác động ngẫu nhiên) SFO Cơ quan chống gian lận Anh 10 VSA Chuẩn mực kiểm tốn ju CTNY Cơng ty niêm yết yi pl Cục điều tra Liên Bang Mỹ n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re vi DANH MỤC CÁC BẢNG BIỂU t to Bảng 2-1 Top 20 CTNY tăng lãi 20% sau kiểm toán năm 2017 23 ng hi Bảng 2-2 CTNY có lãi 2017 giảm 40% sau kiểm toán 24 ep Bảng 2-3 CTNY tăng lỗ 15% từ lãi chuyển lỗ sau kiểm toán .26 w Bảng 3-1 Bảng thống kê mẫu nghiên cứu 59 n lo Bảng 3-2 Bảng thống kê mẫu quan sát theo ngành 59 ad y th Bảng 3-3 Tổng hợp biến độc lập mơ hình nghiên cứu .70 ju Bảng 4-1 Thống kê mô tả biến nghiên cứu 76 yi pl Bảng 4-2 Ma trận hệ số tương quan 78 al n ua Bảng 4-3 Kết kiểm định Paired T-test .79 va Bảng 4-4 Kết kiểm định Wilconxon 80 n Bảng 4-5 Kết ước lượng mơ hình hồi quy 82 ll fu oi m Bảng 4-6 Kết ước lượng mơ hình dự đoán 85 nh Bảng 4-7 Kết dự đoán năm 2017 .86 at Bảng 4-8 Tổng hợp kết dự đoán năm 2017 .87 z z k jm ht vb om l.c gm an Lu n va ey t re vii TÓM TẮT LUẬN VĂN THẠC SỸ t to TÊN ĐỀ TÀI: ỨNG DỤNG MƠ HÌNH F-SCORE ĐỂ DỰ ĐOÁN GIAN LẬN ng TRÊN BÁO CÁO TÀI CHÍNH CỦA CÁC CƠNG TY NIÊM YẾT TẠI SỞ hi ep GIAO DỊCH CHỨNG KHỐN THÀNH PHỐ HỒ CHÍ MINH Tóm tắt w n lo Nghiên cứu nhằm dự đốn gian lận báo cáo tài công ad ty niêm yết Sở giao dịch chứng khốn Hồ Chí Minh Dựa mơ hình nghiên y th cứu Dechow, Ge, & Sloan (2011), tác giả trả lời câu hỏi: điều khiến nhà ju yi quản lý làm sai lệch báo cáo tài họ Dữ liệu nghiên cứu bao gồm 244 pl công ty niêm yết giai đoạn 2015-2017 với 718 quan sát Kết nghiên cứu al n ua cho thấy năm nhân tố bao gồm Biến động hàng tồn kho tổng tài sản (∆INV), Tỷ va trọng tài sản có tính khoản bình qn tổng tài sản (SOFTASSETS), Biến n động tỷ suất sinh lời tổng tài sản (∆ROA), Biến động số lượng lao động so với fu ll tổng tài sản (∆EMP), Tỷ suất sinh lời điều chỉnh loại trừ ảnh hưởng m oi thị trường năm (RET) ảnh hưởng đến khả gian lận báo cáo tài nh at Ứng dụng mơ hình để dự đốn gian lận báo cáo tài z công ty niêm yết Sở giao dịch chứng khốn Thành phố Hồ Chí Minh năm z jm mơ hình lên đến 72,32% ht vb 2017, kết cho thấy khả dự đoán gian lận báo cáo tài k Từ khóa: Mơ hình F-Score, gian lận, báo cáo tài chính, dự đoán om l.c gm an Lu n va ey t re viii APPLICATION OF F-SCORE IN PREDICTING FRAUD ON THE t to FINANCIAL STATEMENTS OF LISTED FIRMS AT HO CHI MINH ng STOCK EXCHANGE hi ep Astract This study investigated the situation of frauds on the financial statements of w n listed firms on the Ho Chi Minh Stock Exchange Base on the research model by lo ad Dechow, Ge, & Sloan (2011), we address the question: what causes managers to y th misstate their financial statements The research data included 244 listed firms from ju yi 2015 to 2017, with 718 observations The study results showed that five variables pl including Changes in inventories (∆INV), Assets with average liquidity al ua (SOFTASSETS), Change rate of return on assets (∆ROA), Changes in employees n (∆EMP), Market adjusted stock return (RET) have affected to the possibility of va n fraud on the financial statements The ability to forecast fraud in the financial ll fu statements of this model is 72.32% m oi Key words: F-score, fraud, financial statements, predictability at nh z z k jm ht vb om l.c gm an Lu n va ey t re ad ju y th yi unitid fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -1.07275 -0.09868 -0.22025 -0.046 0.120826 0.014993 -0.6938 0.077954 0.097662 -0.36736 0.195078 0.133525 -0.11867 -0.68339 -0.04201 -0.20663 0.059496 0.229456 -0.1424 -0.31621 0.330218 -0.26543 0.204114 0.299121 -0.89745 988.602 0.064342 0.007258 0.060902 -0.02385 -0.28348 0.302154 -0.63638 -0.14912 ret -0.21176 -0.81561 0.050961 -0.20035 0.885085 -0.32349 0.27212 -0.23379 0.066038 0.263638 -0.1101 -0.83524 0.149019 0.225567 -0.21543 0.629263 -0.34557 -0.68363 -0.31688 0.067204 -0.60631 0.136004 1.283546 -0.15681 -0.62687 0.479016 -0.66762 -0.23371 0.33234 0.182504 -0.51445 -0.62903 -0.62353 5.488666 si leasedum 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 eg cd 1 0 0 0 0 0 1 1 1 1 1 0 0 0 ac th droa -0.00279 -0.17365 0.091641 -0.01727 0.001895 -0.0067 0.09421 -0.05535 0.111042 0.011078 -0.06366 0.006264 0.009532 -0.0391 0.003319 0.077701 0.008359 -0.10652 0.117297 -0.0305 -0.00155 -0.03803 0.074857 0.028255 -0.08972 0.037617 -0.02707 0.008526 0.013382 0.001588 0.003606 -0.20956 -0.07675 0.126852 y te dsales 0.020913 -0.00257 -0.00165 -0.01416 0.213817 -0.00594 -0.12649 0.018696 0.012898 -0.0275 0.004128 0.010485 0.01238 0.003146 0.004755 -0.00186 -3.92221 -0.15809 2.099527 0.01539 -0.04176 -0.0216 -0.00706 0.006112 -0.01826 0.020451 -0.00229 -0.00716 0.02484 -0.0105 -0.00173 -0.01938 -0.05677 0.02792 Lu softassets 0.758819 0.597368 0.644828 0.774139 0.853926 0.849583 0.734882 0.943373 0.934358 0.918696 0.374605 0.338107 0.412033 0.486962 0.521268 0.591472 0.985377 0.988858 0.991986 0.8763 0.891247 0.870483 0.597632 0.643328 0.698653 0.213545 0.235683 0.203981 0.82569 0.13673 0.274518 0.891651 0.846407 0.733195 gm dinv 0.304531 -0.14692 0.275357 0.162464 0.010314 0.00444 -0.2227 -0.10774 -0.0278 0.17449 -0.00078 -0.00472 -0.00123 0.035281 -0.01885 0.112705 0.006917 -0.02845 0.036259 0.001159 0.007256 -0.0013 0.221613 -0.09466 0.227882 -0.02834 0.002554 0.015774 0.011386 -0.00956 7.13E-05 -0.32134 0.329944 0.400307 vb drec 0.014005 -0.00317 0.007833 0.004341 -0.13095 0.047822 0.199327 -0.11768 -0.00023 0.11216 -0.00318 -0.00882 -0.0105 0.010634 -0.00155 0.010862 0.152582 0.012888 0.016908 -0.00203 0.009743 0.002877 0.022 -0.00735 0.048396 -0.0083 0.001665 0.007245 -0.00264 0.003966 -0.00013 0.041507 0.068243 -0.04316 nh rsst -0.15551 0.101079 0.919663 0.046877 0.025287 0.144998 0.239859 -0.04761 0.076771 0.058363 -0.00332 -0.00433 -0.02699 0.275205 0.116542 0.19083 0.027398 0.033061 0.455541 -0.02323 -0.01241 -0.01767 0.085981 0.062296 -0.03008 0.114472 0.07517 0.141328 0.017524 0.01916 -0.15383 0.0436 0.017477 0.153686 va 0 0 1 0 0 1 1 1 0 0 0 0 0 0 n year 2016 2016 2015 2017 2016 2017 2015 2015 2016 2017 2015 2017 2016 2017 2015 2016 2017 2016 2015 2016 2017 2015 2016 2015 2017 2015 2017 2016 2015 2016 2017 2016 2017 2015 ua al 82 83 83 83 84 84 84 85 85 85 86 86 86 87 87 87 88 88 88 90 90 90 89 89 89 91 91 91 92 92 92 93 93 93 pl ticker HDG HHS HHS HHS HLG HLG HLG HMC HMC HMC HOT HOT HOT HPG HPG HPG HQC HQC HQC HRC HRC HRC HSG HSG HSG HT1 HT1 HT1 HTI HTI HTI HTL HTL HTL lret -0.17108 0.050961 -0.3116 -0.81561 0.27212 0.885085 -0.51484 0.141498 -0.23379 0.066038 0.095412 0.149019 -0.1101 0.629263 0.442591 -0.21543 -0.68363 -0.31688 -0.11005 0.136004 0.067204 -0.12055 -0.15681 0.119836 1.283546 2.201514 -0.23371 0.479016 0.152538 0.33234 0.182504 5.488666 -0.62903 0.624641 jg hg ad ju y th yi unitid fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.11773 0.064751 -0.10344 -0.51662 0.011016 -0.09596 -0.36445 0.061151 0.072226 0.016505 -0.00313 0.021873 -0.12912 0.052133 0.021515 1045.39 -0.29061 -0.23814 0.14964 -0.26945 0.385465 -0.54233 -0.04942 -0.00531 -0.00963 -0.08134 -0.12755 -0.25033 -0.21648 0.263613 -0.74504 0.28829 0.521513 -0.30062 ret 0.005685 -0.391 0.142287 0.182654 -0.14304 -0.48436 -0.17594 -0.22315 -0.0654 -0.73368 0.123972 -0.21075 -0.42328 -0.7034 -0.4272 -0.18352 1.601076 -0.69544 -0.20068 0.008408 -0.49964 -0.1329 0.508302 -0.12855 -0.65294 -0.43575 -0.36121 -0.1215 0.126142 0.058786 1.102678 -0.7991 0.517319 -0.58938 si leasedum 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 eg cd 0 0 0 0 0 0 1 0 1 1 0 1 ac th droa -0.03504 -0.00647 0.023554 0.00082 0.003657 -0.00669 0.002324 -0.00065 0.003535 -0.01554 -0.00247 0.007395 -0.01135 0.02605 -0.04173 -0.00768 0.042624 -0.01246 0.006325 -0.0006 -0.02196 -0.00985 0.00229 -0.00319 0.000912 -0.0068 0.001871 0.013562 0.006059 0.000607 0.023388 -0.05517 0.04226 0.035597 y te dsales 0.193484 -0.05113 0.124268 -0.35418 -0.11092 -0.41889 -0.17401 0.063482 0.050758 0.069275 -0.0293 -0.01813 -0.01852 0.027727 -0.10392 -0.03972 0.063908 0.010832 0.081483 0.49182 -0.48449 0.025761 0.013342 -0.00627 5.668823 -6.4979 3.358123 0.085553 -0.09283 -0.30677 -0.16856 0.101206 -0.03764 0.162339 Lu softassets 0.615205 0.579387 0.692216 0.972438 0.922226 0.925539 0.874712 0.903244 0.83137 0.282318 0.171999 0.243673 0.915758 0.909843 0.919406 0.807672 0.904054 0.733142 0.93118 0.909284 0.891888 0.740971 0.743864 0.658904 0.993663 0.992242 0.990527 0.979643 0.988814 0.98702 0.778155 0.795567 0.822757 0.942532 gm dinv -0.00038 0.001504 -0.0006 0.076106 -0.08737 0.037462 0.071801 -0.13169 0.038788 0.035425 0.016397 0.01191 0.011768 0.117579 0.021022 0.091265 0.007636 -0.06698 0.035735 0.076442 0.063443 0.032508 -0.01022 -0.04714 0.008481 -0.0109 0.130157 0.03099 0.357611 0.007647 0.122942 -0.05918 -0.01379 -0.15422 vb drec -0.13972 0.019456 -0.07054 0.373118 0.053165 -0.00015 0.060952 -0.01074 0.003523 -0.0681 0.016676 0.023334 -0.03231 0.002393 0.019828 0.061492 -0.01677 0.060637 -0.16423 0.16129 -0.01685 0.004795 -0.0028 0.014213 -0.00835 -0.00367 -0.01674 0.018547 0.015501 0.02063 0.26261 -0.39944 0.240799 -0.00061 nh rsst 0.009959 0.008881 0.114436 -0.25015 0.003696 -0.00542 0.02066 0.005471 0.005856 0.024174 0.049073 0.099994 0.004499 -0.05627 -0.03795 0.131978 0.009603 0.16676 -0.13667 0.019467 -0.04958 0.313638 0.025726 0.103454 0.022794 0.101236 0.094738 0.107961 -0.17263 -0.03343 0.054525 -0.03377 0.091021 0.031025 va 0 1 1 1 1 1 1 1 1 0 1 1 1 0 n year 2016 2017 2015 2017 2015 2016 2017 2015 2016 2017 2015 2016 2015 2017 2016 2015 2017 2016 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2015 2017 2016 2015 ua al 94 94 94 95 95 95 96 96 96 97 97 97 98 98 98 99 99 99 100 100 100 101 101 101 102 102 102 103 103 103 104 104 104 105 pl ticker HTV HTV HTV HU1 HU1 HU1 HU3 HU3 HU3 HVX HVX HVX ICF ICF ICF IDI IDI IDI IJC IJC IJC IMP IMP IMP ITA ITA ITA ITC ITC ITC ITD ITD ITD KAC lret 0.142287 0.005685 0.014649 -0.48436 0.33344 -0.14304 -0.0654 0.161804 -0.22315 -0.21075 0.204209 0.123972 0.016534 -0.4272 -0.42328 1.046248 -0.69544 -0.18352 0.008408 -0.49964 0.507656 0.508302 -0.12855 0.645661 -0.43575 -0.36121 0.149264 0.126142 0.058786 -0.06799 0.266321 0.517319 1.102678 0.811904 jg hg ad ju y th yi fraud n dinv oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.34376 0.321912 -0.70442 -0.01386 -0.00783 -0.74965 -0.68306 0.599513 -0.55031 0.624986 0.2425 -0.19206 -0.00949 -0.07222 0.125704 -0.09631 -0.26511 -1.08934 -0.41611 -0.17589 -0.06748 -0.45217 -1.00302 -1.53354 -0.02816 0.012473 0.155046 -0.2902 -0.49204 0.240317 -0.51917 -0.46717 -0.27361 -0.07406 ret 3.484604 -0.50944 -0.51978 -0.22147 -0.06622 -0.36197 -0.21971 0.520225 0.149258 0.093258 0.19357 -0.10554 -0.51452 -0.13812 -0.62717 -0.38314 -0.02779 -0.49871 -0.88098 0.784139 0.621118 -0.17411 -0.56121 -0.55178 -0.64825 0.033552 -0.31321 -0.09736 -0.37583 -0.32856 0.143704 -0.47024 0.417239 0.95928 si leasedum 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 eg cd 0 0 0 1 0 1 0 1 1 0 0 0 0 ac th droa -0.01895 -0.03485 -0.00959 0.022121 0.005253 -0.10684 0.641973 -0.57233 0.015139 0.000454 0.021501 -0.02463 -0.01715 0.008646 0.00051 0.001324 0.011492 -0.05391 -0.00377 0.072298 0.023361 0.003605 -0.01936 0.003812 -0.0237 0.002654 -0.00491 -0.00206 -0.01334 -0.06586 0.035169 -0.07153 0.046718 0.115404 y te dsales -0.22677 0.004433 -0.32334 0.445943 -0.08698 0.088231 -0.04173 -0.11232 0.034459 0.030708 -0.04405 0.000789 0.001717 0.005016 0.008531 -0.01404 -0.02392 -0.33378 -0.33832 -0.00275 0.068468 0.011895 0.336038 -0.44721 -0.26271 0.03393 -0.00925 -0.02662 -0.00602 0.02676 -0.01543 -0.06433 -0.00184 -0.03894 Lu softassets 0.915978 0.944359 0.971397 0.977956 0.972962 0.720934 0.566931 0.790119 0.863048 0.881277 0.859301 0.444193 0.421299 0.481518 0.485266 0.517761 0.475731 0.951911 0.849441 0.600545 0.675465 0.787602 0.989222 0.998022 0.983357 0.755699 0.827298 0.76616 0.76412 0.475132 0.649663 0.507887 0.476903 0.41833 gm -0.00623 0.005186 0.055953 -0.00853 0.030095 -0.03261 0.074217 0.00035 -0.14493 0.647466 0.021715 0.00215 -0.0099 0.11738 0.005551 -0.00333 -0.03441 0.001048 0.002552 -0.01022 0.0125 0.223156 -0.05151 -0.11035 0.190643 -0.22117 0.23551 0.251924 0.02495 0.011923 -0.04984 vb drec 0.048117 -0.00188 -0.00425 -0.01715 0.034114 0.021604 0.007739 0.024951 -0.0279 0.05953 0.020142 0.001708 -0.00215 -0.00701 -0.0042 0.000845 0.014927 0.066669 0.146319 0.020429 -0.03892 0.008753 -0.13664 0.217784 0.030677 0.027045 0.009955 0.02713 0.015396 -0.02754 0.072162 0.239843 0.014205 0.141346 nh rsst 0.046569 0.006718 -0.00454 0.194252 0.079333 0.170365 -0.13093 -0.00543 0.231181 0.141181 0.32763 -0.03393 -0.10576 0.011155 0.110313 -0.01265 0.00832 0.73144 -0.02506 0.095092 0.046322 0.130322 0.050078 0.672766 -0.00042 0.015547 0.065922 0.036577 0.076053 0.010255 0.089454 0.137789 0.170162 0.064125 va 1 1 1 1 0 1 1 1 0 0 1 0 0 1 1 n year 2017 2016 2017 2015 2016 2017 2015 2016 2017 2016 2015 2016 2017 2015 2017 2015 2016 2015 2016 2016 2015 2017 2015 2017 2016 2015 2017 2016 2016 2017 2015 2017 2016 2015 ua al unitid 105 105 106 106 106 107 107 107 108 108 108 109 109 109 110 110 110 111 111 112 112 112 113 113 113 114 114 114 115 115 115 116 116 116 pl ticker KAC KAC KBC KBC KBC KDC KDC KDC KDH KDH KDH KHP KHP KHP KMR KMR KMR KSA KSA KSB KSB KSB KSH KSH KSH L10 L10 L10 LAF LAF LAF LBM LBM LBM lret -0.50944 -0.58938 -0.06622 0.540944 -0.22147 0.520225 0.145529 -0.21971 0.093258 0.19357 0.414791 -0.13812 -0.10554 0.170271 -0.02779 0.034321 -0.38314 -0.09151 -0.49871 0.621118 0.492907 0.784139 0.553111 -0.64825 -0.56121 0.30385 -0.09736 0.033552 0.143704 -0.37583 0.364278 0.417239 0.95928 -0.14577 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.45542 -0.15331 -0.09267 -0.0127 -0.96969 -3.40857 -0.09233 -1.01952 -0.45087 0.635929 -0.94652 -0.06052 -0.3454 -0.01669 -0.38274 -0.07707 0.105857 -0.12805 0.032161 -0.11684 -0.11785 -0.08707 0.095561 -0.22571 0.394304 -0.13129 -0.02015 0.027737 0.070821 0.587872 0.382744 -0.24928 -0.05699 -0.25952 ret 1.424871 -0.57289 -0.23768 -0.66499 -0.42552 -0.13787 -0.4215 -0.0083 -0.09481 -0.01774 0.130203 -0.10021 -0.21878 0.518387 0.937253 0.431849 -0.65723 0.047883 -0.10992 -0.48849 -0.4727 -0.06583 0.201485 -0.63825 0.433526 -0.42059 1.068501 -0.2733 -0.23777 -0.18061 0.178786 0.632158 -0.5826 -0.4027 si leasedum 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 eg cd 0 0 0 0 0 1 0 0 0 0 0 0 ac th droa -0.00142 0.023094 0.013765 0.206577 -0.05938 -0.13512 -0.02585 -0.0359 0.040021 -0.00805 -0.01047 0.062483 -0.0208 0.031138 0.116862 -0.05754 -0.01031 -0.00049 -0.00438 -0.01678 -0.0372 -0.00358 0.044871 -0.00598 -0.00322 -0.00455 0.020147 0.013717 0.010172 0.060364 0.113756 0.012993 -0.19007 -0.10036 y te dsales 0.092581 0.098346 -0.42617 0.432984 0.022518 1.816851 0.796191 0.988334 0.860693 0.291877 0.011261 0.950829 0.504136 0.039237 0.005292 -0.00484 0.006425 -0.06549 -0.02896 0.033982 -0.00229 -0.0255 0.111349 -0.23026 -1.90181 -0.70479 0.014296 -0.00973 -0.03893 0.006558 0.042915 0.175635 0.02561 -0.04748 Lu softassets 0.869888 0.951547 0.938984 0.94577 0.958694 0.941517 0.896347 0.892032 0.975687 0.977631 0.982741 0.869056 0.801148 0.880301 0.558633 0.493576 0.516728 0.829939 0.845581 0.927475 0.402908 0.322166 0.441483 0.843085 0.703528 0.974177 0.715823 0.705003 0.701408 0.811564 0.895591 0.862899 0.911094 0.968249 gm dinv -0.01319 0.088416 -0.02281 -0.01179 0.001976 -0.0014 -0.00467 0.002771 0.204111 0.204153 0.535714 -0.04198 0.051546 -0.0147 0.037501 -0.00916 -0.004 -0.01731 0.094101 0.013647 0.028896 -0.00536 0.101842 -0.07548 0.001248 -0.0618 -0.0192 -0.06093 0.054742 -0.00404 -0.01966 0.005998 -1.3E-06 -4.8E-07 vb drec 0.032473 -0.01237 0.188712 -0.00622 -0.05377 -0.03161 -0.03076 -0.00848 -0.02959 0.05754 -0.06474 -0.12336 0.016038 -0.00922 0.024282 -0.00609 0.083295 0.03914 -0.0296 5.12E-06 0.001933 -0.06768 0.014985 -0.0049 -0.0136 -0.01377 0.015236 0.032015 -0.0246 0.055378 -0.0848 0.001225 0.006162 nh rsst -0.01198 0.015306 -0.00461 0.014998 -0.04087 -0.24577 -0.09732 -0.04483 0.097561 0.072916 -0.40218 -0.01966 0.244717 0.078546 0.129553 -0.00203 -0.04296 0.045847 0.017298 0.000408 0.007169 0.000725 0.062529 0.004944 0.007295 0.099611 0.039772 0.163982 0.029484 0.054501 0.021421 0.014413 0.091071 -0.16027 va 1 1 1 1 0 0 0 0 1 0 0 1 0 n year 2017 2016 2015 2015 2016 2015 2017 2016 2017 2015 2016 2016 2017 2015 2015 2016 2017 2015 2016 2017 2017 2015 2016 2016 2017 2015 2016 2015 2017 2017 2015 2016 2016 2017 ua al unitid 117 117 117 118 118 119 119 119 120 120 120 121 121 121 122 122 122 123 123 123 124 124 124 125 125 125 126 126 126 127 127 127 128 128 pl ticker LCG LCG LCG LCM LCM LGC LGC LGC LGL LGL LGL LHG LHG LHG LIX LIX LIX LM8 LM8 LM8 LSS LSS LSS MCG MCG MCG MCP MCP MCP MDG MDG MDG MHC MHC lret -0.57289 -0.23768 0.267702 -0.33865 -0.66499 3.277652 -0.0083 -0.13787 0.130203 0.724051 -0.01774 0.518387 -0.10021 0.260084 0.016298 0.937253 0.431849 0.273495 0.047883 -0.10992 0.201485 -0.14286 -0.06583 -0.42059 -0.63825 0.149264 -0.2733 -0.07988 1.068501 0.632158 0.160484 0.178786 0.039975 -0.5826 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.5464 -0.35655 0.3795 0.075239 -0.33176 0.154158 -0.10417 -0.66241 0.363728 -0.12169 -0.87699 0.193334 -0.37586 -0.01279 -0.23624 -0.54504 -0.2774 -0.15999 -0.10881 -0.64155 0.137625 0.998367 -0.28689 -0.01953 0.080747 0.086218 -0.38243 42.55087 0.100325 -0.6358 0.139583 -0.23086 -0.09157 -0.43867 ret 0.039975 -0.13307 -0.28997 0.363363 0.477894 -0.54003 -0.45647 -0.23916 -0.12574 -0.05643 0.192135 -0.10958 1.968915 -0.13465 0.222026 0.03526 0.50022 0.286326 -0.44871 0.196083 -0.2758 -0.15096 -0.25838 -0.07918 -0.39018 -0.5318 0.54346 -0.52232 0.073497 -0.45847 -0.8529 0.026565 0.042677 0.126165 si leasedum 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 eg cd 1 0 0 1 1 1 1 0 0 0 0 0 0 ac th droa -0.07206 -0.00046 0.011578 0.000759 -0.00613 0.10278 -0.09621 0.000739 0.004603 0.000555 -0.01852 0.00959 0.066118 0.022414 0.018013 0.03801 0.082832 -0.02715 -0.05378 -0.05338 0.026013 0.001326 0.005747 0.043822 -0.01103 -0.10827 -0.50371 0.102746 0.041493 0.423165 -0.2068 -0.0099 0.002487 -0.01976 y te dsales 0.638514 0.24152 -0.00126 -0.00255 -0.11629 0.086657 -0.04115 -0.48624 1.105464 -0.31387 -0.03974 0.023727 0.022139 -0.00509 0.001876 0.062585 -0.01016 0.00502 -0.06356 -0.06675 -0.05919 0.072456 0.083442 0.030715 -0.12062 0.290594 0.000919 0.022618 -0.01219 -0.11706 0.094899 -0.04063 -0.01537 -0.00567 Lu softassets 0.862407 0.55487 0.606268 0.50073 0.840182 0.785011 0.841258 0.952891 0.951808 0.943183 0.68731 0.684219 0.589911 0.908062 0.893955 0.843181 0.701486 0.741589 0.908604 0.841897 0.729633 0.799302 0.943175 0.903329 0.925348 0.932275 0.906187 0.907474 0.751876 0.888877 0.863611 0.657007 0.600615 0.647865 gm dinv -7.3E-06 0.045077 0.013411 -0.01547 0.064184 -0.19464 -0.12193 0.131618 -0.04603 -0.43623 0.248398 0.03869 0.188553 0.00446 0.237406 0.026267 -0.0056 0.037403 0.051444 0.160678 -0.0112 -0.04899 -0.08877 0.005106 -0.23969 -0.02318 -0.00104 0.000256 -0.00325 0.004313 0.006003 0.097903 0.01075 0.029732 vb drec -0.13192 -0.05601 0.005592 -0.00219 0.135728 -0.07341 -0.10382 -0.00392 0.004884 -0.00604 0.078398 -0.02662 0.000464 0.03168 0.010857 -0.01604 0.017113 0.00176 0.06945 0.131871 0.074218 -0.05206 -0.03179 0.011287 0.022377 -0.04791 -0.00209 -0.00039 -0.14737 -0.05302 -0.11188 0.048677 0.025759 0.031824 nh rsst 0.605146 -0.07286 -0.16586 0.098925 0.006968 0.019627 -0.10598 0.063133 0.130519 -0.17726 0.176924 -0.02262 -0.02204 0.139644 0.102838 0.09859 0.268077 0.09214 0.117748 0.12964 -0.01649 0.087066 0.005812 0.02363 0.051267 -0.10324 -0.51542 0.195998 -0.06726 0.156213 -0.09218 0.12844 0.118825 0.029047 va 0 0 0 1 0 0 0 1 1 0 1 1 0 n year 2015 2015 2016 2017 2015 2017 2016 2016 2017 2015 2017 2015 2016 2016 2015 2017 2016 2015 2017 2015 2017 2016 2017 2015 2016 2015 2017 2016 2017 2015 2016 2016 2015 2017 ua al unitid 128 129 129 129 130 130 130 131 131 131 132 132 132 133 133 133 134 134 134 135 135 135 136 136 136 137 137 137 138 138 138 139 139 139 pl ticker MHC MSN MSN MSN NAV NAV NAV NBB NBB NBB NKG NKG NKG NLG NLG NLG NNC NNC NNC NSC NSC NSC NTL NTL NTL NVT NVT NVT OGC OGC OGC OPC OPC OPC lret 2.918495 -0.06931 -0.13307 -0.28997 0.085133 -0.45647 0.477894 -0.05643 -0.23916 0.736377 1.968915 0.441222 -0.10958 0.222026 -0.02642 -0.13465 0.286326 0.557494 0.50022 0.068086 -0.15096 0.196083 -0.39018 -0.01529 -0.07918 -0.2815 -0.52232 -0.5318 -0.8529 -0.41795 -0.45847 0.042677 -0.12991 0.026565 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.05811 -0.29366 -0.01001 -0.52247 -0.67218 -0.72853 -0.09255 -0.28699 -0.19742 0.628554 -0.2391 -0.1429 -0.01346 -0.24909 0.110571 0.024158 0.023712 -0.18159 0.459091 0.213037 -0.05101 -0.28861 -0.12732 0.025276 0.343262 -0.06633 -0.25683 0.00987 0.05259 -0.48806 -0.1167 -0.30481 0.036318 -0.00074 ret 0.105069 0.411851 0.816856 -0.50627 -0.07 0.15663 0.429482 0.067509 0.143996 -0.1282 -0.05766 1.54039 -0.23841 -0.29642 -0.25218 0.046197 0.055071 -0.13164 -0.04068 0.815027 -0.48945 0.442673 -0.3357 0.243981 -0.08068 -0.67655 -0.10017 0.277149 0.316636 -0.23291 -0.05221 0.145683 -0.02744 0.445401 si leasedum 1 1 1 1 0 1 0 1 0 1 0 1 1 eg cd 1 1 0 0 1 1 0 0 0 0 0 0 0 ac th droa -0.07689 0.010392 0.016441 0.012488 0.008363 -0.01551 0.006296 -0.02031 0.003254 0.006373 0.0162 0.017969 -0.00558 -0.00895 -0.00149 0.007529 0.00606 0.014312 0.002004 0.021968 -0.00693 -0.00249 -0.01419 0.019055 0.02119 -0.08049 -0.03089 0.047514 0.005928 -0.0159 -0.13146 -0.00858 -0.0055 0.111004 y te dsales 0.002934 0.006743 -0.00829 -0.02051 0.00088 0.064439 0.000823 0.016594 0.021156 0.806837 -0.6174 -0.00816 -0.01535 -0.03382 -0.00988 -0.01074 -0.02208 0.000746 -0.00926 0.044003 0.015569 -0.02014 -0.01785 -0.00967 -0.00648 -0.00642 -0.02273 0.011032 0.00183 0.000515 0.020165 -0.00083 0.009554 -0.00089 Lu softassets 0.770426 0.66965 0.573484 0.766653 0.801796 0.708173 0.339078 0.455857 0.301967 0.995757 0.998563 0.983146 0.706868 0.689734 0.626484 0.789528 0.753023 0.773494 0.251538 0.344943 0.249183 0.717067 0.695695 0.763 0.70992 0.841642 0.743712 0.173976 0.176506 0.186926 0.838374 0.843581 0.888062 0.922169 gm dinv 0.030409 0.085041 0.012755 0.035184 0.130492 -0.04642 -0.00049 0.000269 0.000435 0.154949 0.090973 -0.13368 -0.02785 -0.07228 -0.03563 -0.00134 0.008331 0.010705 0.000975 0.00094 0.003308 0.021927 -0.01986 0.019601 0.003907 -0.183 0.048972 -0.00605 0.008773 0.020617 -0.01953 0.092253 0.059346 0.214166 vb drec -0.00051 -0.00607 0.015806 0.044542 0.091198 -0.04272 0.021028 0.005028 0.0051 -0.00121 0.03596 -0.00409 0.046605 0.058657 0.000851 0.006208 0.012697 0.02646 0.005486 -0.16722 0.041842 0.005978 0.004593 0.010654 -0.028 -0.01945 0.088528 0.001182 -0.00187 0.020896 -0.0163 0.01575 -0.00348 0.003316 nh rsst -0.01218 0.042471 -0.00425 0.208573 0.314749 0.067553 0.08933 -0.10385 0.048839 -0.05209 0.106049 0.341698 -0.00136 -0.03958 0.013679 0.05785 0.009954 0.027393 0.047358 -0.02563 0.069367 0.03646 -0.0307 0.026146 -0.00739 -0.07159 -0.01007 0.14216 0.0718 -0.02413 -0.1276 0.339358 -0.00369 0.060491 va 1 1 1 0 0 0 1 1 0 0 0 0 0 0 1 n year 2017 2016 2015 2017 2015 2016 2016 2015 2017 2016 2015 2017 2017 2016 2015 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2017 2015 2016 2015 2017 2017 2015 2016 2016 ua al unitid 140 140 140 141 141 141 142 142 142 143 143 143 144 144 144 145 145 145 146 146 146 147 147 147 148 148 148 149 149 149 150 150 150 151 pl ticker PAC PAC PAC PAN PAN PAN PDN PDN PDN PDR PDR PDR PET PET PET PGC PGC PGC PGD PGD PGD PHR PHR PHR PIT PIT PIT PJT PJT PJT PNC PNC PNC PNJ lret 0.411851 0.816856 0.239609 0.15663 0.670561 -0.07 0.067509 0.487155 0.429482 -0.05766 -0.14546 -0.1282 -0.29642 -0.25218 -0.03183 0.055071 0.20196 0.046197 0.815027 0.05102 -0.04068 -0.3357 -0.15491 0.442673 -0.10017 -0.08068 0.294856 0.316636 0.104583 0.277149 -0.02744 1.132781 0.145683 0.364557 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.2521 0.261008 -0.00848 -0.06866 0.123175 0.011828 0.287056 0.043103 0.702655 -0.16346 0.333467 -0.65547 -0.16249 0.001159 -1.38451 0.036552 0.127226 -0.03824 0.154451 0.020762 0.047802 0.082814 0.261311 -0.11515 -0.05137 0.174714 0.334073 0.15037 -0.23213 -0.15404 0.094059 -0.03443 -0.85429 0.210677 ret 0.624361 0.364557 0.025665 0.400547 -0.28593 -0.34845 0.022513 -0.04544 -0.51671 -0.73315 -0.55649 -0.16763 1.064567 0.699604 0.974704 -0.52341 -0.46049 -0.51283 0.048427 0.381164 -0.28248 -0.35775 -0.54777 0.19512 -0.31121 0.180744 -0.25513 -0.78591 -0.49825 -0.3046 -0.24982 -0.42959 -0.1795 -0.50588 si leasedum 1 1 1 1 0 0 0 0 1 1 1 1 0 0 0 0 eg cd 1 0 0 0 0 1 1 0 0 1 0 0 0 0 ac th droa 0.042332 -0.03568 0.039173 0.052237 0.006508 -0.0484 0.040982 0.000129 -0.02085 -0.02405 0.00179 -0.01827 0.022869 0.036648 0.008477 -0.01531 0.076535 0.004698 -0.02114 -0.00185 -0.06522 -0.00721 -0.04096 0.002776 0.002726 0.005813 0.003794 -0.02333 -0.02557 -0.01646 -0.04699 -0.01211 -0.034 -0.0389 y te dsales 0.000342 0.000711 -0.05845 0.063935 -0.00507 0.094871 0.0692 -0.08922 -4.81308 -0.40835 -0.33582 -0.0079 -0.03475 0.0269 -0.25174 -0.10596 0.945648 0.950396 4.757122 -5.98258 -0.12153 -0.10918 0.042891 -0.02397 -0.01103 0.028016 0.240912 -0.12992 -0.05651 -0.01847 -0.4868 -0.11371 -0.37313 -0.83697 Lu softassets 0.898956 0.929937 0.618053 0.618556 0.668628 0.820611 0.891688 0.897517 0.982329 0.950529 0.984506 0.669749 0.557774 0.624166 0.837254 0.897547 0.946228 0.941689 0.948231 0.945915 0.228104 0.21472 0.368809 0.294856 0.38349 0.19664 0.729613 0.923568 0.899734 0.531327 0.415861 0.367755 0.555188 0.756482 gm dinv 0.139415 0.159625 -0.07693 0.083209 -0.18863 -0.00401 -0.00056 -0.00955 -0.00863 0.026442 0.003549 0.085489 0.10775 0.035898 0.11809 0.008845 -0.10817 -0.15717 0.001606 0.002756 -0.0087 -0.00214 -0.00906 0.000958 -2.1E-05 -0.00177 -0.09623 0.182509 0.038927 -0.02533 0.044043 0.028573 -0.01908 -0.03879 vb drec 0.001456 -0.0017 0.062794 -0.0329 -0.01649 -0.06066 -0.03989 0.019145 -0.19956 -0.0498 0.202771 0.025556 0.115608 -0.02039 0.184005 -0.14815 -0.13004 0.085171 -0.23499 0.163755 -0.04873 -0.00705 -0.08613 0.009519 0.011935 -0.00447 -0.11019 -0.10609 -0.28201 -0.0097 0.116236 0.120354 0.501871 0.116369 nh rsst 0.370737 0.056786 0.078023 0.121644 0.020151 -0.02183 0.395229 -0.03332 -7.3E-05 0.043336 0.113989 0.097147 0.174394 0.159839 0.058256 -0.07603 -0.2118 -0.01678 0.006546 0.070841 0.030901 0.058959 -0.02343 0.064767 0.081518 0.030397 0.001825 -0.03832 -0.09578 0.074367 0.008675 0.093483 0.086133 0.051743 va 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 0 n year 2017 2015 2016 2017 2015 2015 2017 2016 2017 2016 2015 2017 2016 2015 2015 2017 2016 2015 2017 2016 2016 2017 2015 2017 2015 2016 2015 2017 2016 2016 2017 2015 2016 2017 ua al unitid 151 151 152 152 152 153 153 153 154 154 154 155 155 155 156 156 156 157 157 157 158 158 158 159 159 159 160 160 160 161 161 161 162 162 pl ticker PNJ PNJ POM POM POM PPC PPC PPC PPI PPI PPI PTB PTB PTB PTC PTC PTC PTL PTL PTL PVD PVD PVD PVT PVT PVT PXI PXI PXI PXS PXS PXS PXT PXT lret 0.445401 0.368808 -0.28593 0.025665 -0.41484 0.070272 -0.04544 -0.34845 -0.73315 -0.55649 1.641899 1.064567 0.699604 0.400268 0.536677 -0.46049 0.974704 0.025638 0.381164 -0.51283 -0.54777 -0.28248 0.104161 0.180744 0.246068 -0.31121 0.668495 -0.49825 -0.25513 -0.42959 -0.3046 0.57684 0.057834 -0.1795 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee 0.517072 -0.56402 -0.14632 -0.02471 -0.07148 -0.31318 0.171953 -0.20726 -0.08698 -0.60018 -0.20196 0.065244 -0.45685 0.147832 0.035997 -0.15716 -0.13712 -0.09379 -0.07548 -0.01797 0.120502 -0.11998 0.017377 -0.11643 0.184802 0.734411 -0.81932 -2.13753 0.183761 -0.02921 -0.07458 0.052481 0.100596 0.05674 ret 0.057834 2.888593 -0.52437 -0.37274 0.277677 0.7476 -0.05326 -0.08453 0.741028 -0.44677 -0.10633 0.026799 0.284857 -0.13924 -0.8258 -0.41121 -0.33823 -0.1196 -0.06491 -0.35417 -0.04349 -0.16199 -0.09208 0.160689 0.124128 0.125803 0.876168 -0.68035 -0.0355 0.132146 -0.49592 0.784232 -0.58625 -0.07814 si leasedum 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 eg cd 0 0 0 1 1 0 0 1 1 0 0 1 0 0 0 ac th droa 0.446272 0.037359 -0.00174 0.00565 0.012516 0.028409 0.022387 -0.01981 0.045669 0.023757 -0.04447 0.014564 0.006772 -0.09348 -0.0884 0.208706 0.02182 -0.008 -0.00969 0.050711 0.028755 -0.00687 -0.0084 0.052568 0.009267 -0.01509 0.022902 -0.01068 0.003672 0.000546 0.010214 0.016215 -0.11172 0.014891 y te dsales 0.17979 -0.16759 -0.03244 0.333881 0.003196 -0.02715 -0.08727 -0.03442 0.008201 -0.1072 -0.03245 0.113682 0.014979 0.096974 0.043258 -0.26879 -0.0782 -0.07627 0.086282 0.110212 -0.00015 -0.10722 -0.25039 0.052651 0.218142 0.018038 -0.04584 -0.11098 -0.01877 -0.10723 -0.00101 0.057836 0.006906 -0.02529 Lu softassets 0.708926 0.958083 0.946478 0.966358 0.888698 0.716958 0.680204 0.605741 0.674077 0.711538 0.817791 0.805436 0.872279 0.269229 0.265728 0.14107 0.737293 0.889124 0.805224 0.839942 0.836342 0.738982 0.057298 0.069737 0.087326 0.698712 0.808659 0.750514 0.793096 0.80575 0.830917 0.903075 0.751968 0.867125 gm dinv 0.128582 0.089703 0.178171 0.067674 -0.11013 -0.08493 -0.06065 -0.0141 -0.00918 -0.0132 -0.0057 0.064996 0.025318 -0.00111 -0.00215 -0.00797 -0.00127 0.052992 -0.08113 -0.05284 0.016586 0.18706 0.000114 -0.00024 0.000464 0.065941 -0.01687 0.122049 -0.00839 0.006343 -0.10414 -0.03274 0.034339 0.005606 vb drec -0.11003 0.007883 -0.00533 -0.00178 -0.0027 0.046133 0.13784 0.052124 -0.00427 0.118723 0.009414 -0.01266 0.011861 -0.00431 -0.02657 0.057892 0.067851 0.089927 -0.0793 -0.11901 0.020289 0.047794 0.031407 0.007275 -0.02733 0.02617 0.051126 0.103676 0.017783 0.071647 0.068554 -0.09997 -0.06227 0.074446 nh rsst 0.077548 -0.01001 0.040012 0.176788 0.017937 0.037543 0.054071 0.107142 0.035867 -0.0251 0.021488 0.068133 -0.03403 0.007214 -0.07454 0.14213 -0.13548 -0.00512 0.002958 0.005415 0.034422 -0.00912 -0.02612 0.06777 0.057879 0.006871 -0.04423 0.177842 0.003952 -0.01006 0.012908 0.043214 -0.09819 0.053964 va 1 1 0 0 1 0 1 1 0 0 1 1 0 1 n year 2015 2017 2015 2016 2015 2016 2017 2016 2015 2017 2015 2016 2017 2016 2017 2015 2017 2015 2016 2016 2017 2015 2015 2017 2016 2016 2015 2017 2016 2015 2017 2015 2017 2016 ua al unitid 162 163 163 163 164 164 164 165 165 165 166 166 166 167 167 167 168 168 168 169 169 169 170 170 170 171 171 171 172 172 172 173 173 173 pl ticker PXT QCG QCG QCG RAL RAL RAL RDP RDP RDP REE REE REE RIC RIC RIC SAM SAM SAM SAV SAV SAV SBA SBA SBA SBT SBT SBT SC5 SC5 SC5 SCD SCD SCD lret 0.094966 -0.37274 0.43412 -0.52437 -0.27106 0.277677 0.7476 0.741028 0.168855 -0.08453 -0.08286 -0.10633 0.026799 -0.41121 -0.13924 1.751829 -0.06491 0.5498 -0.1196 -0.16199 -0.35417 -0.10485 0.469762 0.124128 -0.09208 0.876168 0.012114 0.125803 0.132146 0.100428 -0.0355 0.013 -0.07814 0.784232 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.08896 -0.12878 0.109289 -0.1053 -0.10263 0.153195 -0.03119 0.244501 0.055332 0.25664 -0.62083 0.083536 -1.88079 -0.81084 5.509897 -0.00736 -0.17005 -0.02352 -0.18167 0.061831 -0.06452 0.039717 0.139094 0.208621 -0.24035 -0.40623 0.366033 0.036916 0.139032 -0.201 -0.03876 -0.36823 -0.171 -0.07713 ret 0.2323 -0.12316 -0.45863 -0.39885 -0.16273 0.14256 -0.24578 -0.18461 -0.12901 -0.31329 -0.52632 0.604309 0.129052 -0.84634 0.223294 -0.07046 -0.16845 0.045354 -0.13093 -0.14046 -0.12121 -0.00461 0.196998 0.009647 -0.20291 1.940152 -0.38197 -0.16501 -0.64188 -0.45128 0.167307 -0.36568 -0.67631 -0.11527 si leasedum 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 eg cd 0 1 0 1 1 0 0 0 0 0 0 1 0 ac th droa 0.000453 0.000187 -0.02173 -0.03946 0.015154 -0.01483 0.054142 0.022471 -0.01326 0.009416 -0.01133 0.021552 0.054802 0.002369 -0.05922 -0.0308 -0.01719 0.033374 -0.01008 -0.00758 0.014714 -0.00525 0.054752 0.007429 -0.03899 0.148896 -0.06027 -0.01021 0.007915 -0.01097 0.00995 -0.03294 -0.06187 -0.01492 y te dsales -0.0027 -0.00134 0.002069 -0.09148 -0.04674 -0.0451 -0.03581 0.477715 0.763106 -0.02008 -0.04351 -0.02169 0.297688 0.177031 -0.28146 -0.19216 -0.1713 -0.02969 -0.57593 15.86174 -0.61544 0.009085 0.004662 0.022963 0.006707 -0.05633 0.009028 -0.39321 0.238114 0.051153 -0.01354 -0.01939 -0.00481 0.036018 Lu softassets 0.210542 0.311874 0.22042 0.525015 0.40442 0.314603 0.934129 0.964351 0.961351 0.763323 0.835135 0.737243 0.713188 0.796498 0.77703 0.269337 0.368984 0.324661 0.972009 0.95376 0.962097 0.399301 0.220303 0.393968 0.854805 0.849024 0.82695 0.925839 0.907095 0.922227 0.755088 0.813641 0.866149 0.700979 gm dinv 0.008358 -0.03674 -0.00274 0.051834 -0.00036 0.000323 -0.08609 -0.01003 0.083892 0.073286 0.079694 0.00389 -0.00321 0.001493 6.79E-05 0.001617 -0.01017 0.000918 0.009696 0.150436 -0.29409 -0.01092 -0.08801 -0.06363 0.048398 0.241683 -0.18764 -0.01292 0.001729 0.002092 -0.03619 -0.03994 0.045545 -0.02359 vb drec 0.003792 -0.00397 -0.00245 0.170561 0.052658 0.042723 0.022056 -0.10681 0.023898 0.032846 0.150387 0.050577 0.020881 -0.01123 0.009239 0.03194 0.038878 0.057597 0.001615 -0.07035 0.076025 -0.00406 0.00716 -0.14371 0.069272 0.116968 -0.0559 0.044303 0.046216 -0.00473 0.020873 0.019987 0.012164 0.064193 nh rsst 0.014745 0.042571 0.008847 0.044344 0.076985 0.06072 0.156331 0.11991 -0.01581 0.063303 -0.03805 0.151876 -0.10036 0.075357 -0.11141 0.005347 0.003912 0.025945 0.025457 0.011861 0.066446 0.019533 0.081027 0.087321 0.096654 0.097678 -0.04594 0.007231 0.023179 0.020396 -0.01794 -0.1665 -0.12842 0.029823 va 0 1 1 1 1 1 0 1 0 1 1 0 0 0 n year 2016 2015 2017 2017 2016 2015 2017 2016 2015 2016 2017 2015 2015 2017 2016 2016 2015 2017 2016 2017 2015 2015 2017 2016 2017 2016 2015 2016 2017 2015 2015 2016 2017 2015 ua al unitid 174 174 174 175 175 175 176 176 176 177 177 177 178 178 178 179 179 179 180 180 180 181 181 181 182 182 182 183 183 183 184 184 184 185 pl ticker SFC SFC SFC SFI SFI SFI SGT SGT SGT SHI SHI SHI SII SII SII SJD SJD SJD SJS SJS SJS SMA SMA SMA SMC SMC SMC SPM SPM SPM SRC SRC SRC SRF lret -0.12316 0.140319 0.2323 -0.16273 0.14256 -0.12304 -0.18461 -0.12901 0.35752 0.604309 -0.31329 0.561734 0.331286 0.223294 0.129052 -0.16845 0.604053 -0.07046 -0.12121 -0.13093 0.305236 0.029606 0.009647 -0.00461 1.940152 -0.38197 -0.16246 -0.45128 -0.16501 -0.06712 0.834738 0.167307 -0.36568 0.414951 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.14172 -0.33886 -0.02892 0.214171 -0.05341 -0.01618 0.116899 -0.19296 0.032327 -1.68123 -2.49436 -0.00355 0.046252 -0.32393 -0.13346 -0.00929 -0.22475 0.381569 -0.18996 -0.16446 -0.08867 -0.0849 -0.08521 -0.03621 0.091484 -0.37469 -0.00845 0.101866 -0.00893 0.101287 0.011294 -0.0154 0.215842 -0.12807 ret 0.973529 -0.4912 0.082221 0.002577 -0.4277 0.14693 0.79422 -0.52238 -0.61785 0.150107 1.594874 1.680073 -0.41205 -0.00931 0.049608 0.243415 -0.32535 -0.86714 0.724501 -0.20819 0.203492 0.629796 -0.2952 -0.14769 0.960766 -0.45348 -0.10869 0.056087 -0.42994 -0.04804 -0.14008 -0.48487 -0.64859 -0.06331 si leasedum 1 1 1 1 1 1 1 0 0 0 1 1 1 0 1 1 eg cd 0 1 1 0 0 0 0 0 0 0 0 0 ac th droa 0.014044 -0.02378 -0.08323 0.076109 -0.00334 -0.01339 0.003043 -0.08702 0.149254 -0.07361 0.037405 0.026056 -0.01717 -0.0035 -0.00348 0.000403 -0.021 0.014652 0.01589 -0.05606 -0.00016 0.037277 -0.01474 0.00525 -0.00194 0.0408 0.00127 -0.01981 0.062344 -0.02859 0.010457 0.002632 -0.02412 -0.01586 y te dsales -0.0629 -0.15228 0.040145 -0.02726 -0.00982 0.006587 -0.0072 0.005099 0.021669 0.014663 -0.12126 -0.00474 -0.00305 -0.00149 -0.00535 0.012142 -0.01832 0.096581 0.370974 -0.34891 0.052299 0.088295 -0.00572 -0.00379 -0.00574 -0.00599 0.039744 0.118807 0.043172 -0.01368 -0.09483 0.117567 -0.05626 -0.00364 Lu softassets 0.794904 0.863733 0.756231 0.777805 0.829741 0.685815 0.620868 0.688173 0.734421 0.651902 0.295462 0.862924 0.864641 0.851559 0.678116 0.686802 0.745192 0.989914 0.820949 0.988698 0.684679 0.667127 0.806752 0.617695 0.824125 0.599911 0.455583 0.282515 0.513473 0.418931 0.513207 0.59644 0.694321 0.663171 gm dinv 0.016854 0.049418 0.090141 -0.05662 -0.22133 0.033467 -0.01215 0.072539 0.001157 0.006645 0.016094 0.09298 -0.03714 0.085335 -0.02384 0.012706 0.081976 -0.06092 0.049108 -0.02561 0.001032 0.000463 -0.00401 -0.01521 -0.05582 0.028885 -0.0002 -0.0016 -0.00075 -0.00292 0.00101 -0.00109 -0.01944 0.068289 vb drec 0.134276 0.171749 -0.07828 0.07556 -0.02286 -0.00208 0.048255 -0.01143 0.005791 -0.01138 0.094081 0.031899 0.013429 0.04163 0.069898 -0.01102 0.07472 -0.07067 -0.06862 0.043002 -0.0073 -0.00785 0.002212 0.002809 0.026205 0.026319 -0.01252 -0.0499 -0.00378 -0.00814 0.109021 -0.11221 0.070718 0.009455 nh rsst 0.019068 0.021852 -0.02977 -0.1147 0.000229 0.090238 -0.08398 0.006337 0.228192 -0.84272 0.525055 0.087341 0.022245 -0.00333 0.032403 0.07878 0.014841 0.019872 0.086129 0.004199 -0.02238 0.067533 0.006222 0.007992 0.032016 0.08563 -0.00486 -0.0871 0.026257 0.040633 0.08587 0.086654 -0.01181 -0.01584 va 0 0 1 1 1 0 1 1 0 0 0 0 0 0 n year 2016 2017 2015 2017 2016 2015 2016 2017 2017 2015 2016 2015 2017 2016 2015 2016 2017 2017 2015 2016 2015 2016 2017 2015 2016 2017 2016 2015 2017 2015 2016 2017 2016 2015 ua al unitid 185 185 186 186 186 187 187 187 188 188 188 189 189 189 190 190 190 191 191 191 192 192 192 193 193 193 194 194 194 195 195 195 196 196 pl ticker SRF SRF SSC SSC SSC ST8 ST8 ST8 STG STG STG SVC SVC SVC SVI SVI SVI SVT SVT SVT SZL SZL SZL TAC TAC TAC TBC TBC TBC TCL TCL TCL TCM TCM lret -0.11527 0.973529 0.084167 -0.4277 0.082221 0.493158 0.14693 0.79422 1.594874 0.874065 0.150107 0.052064 -0.00931 1.680073 0.046378 0.049608 0.243415 -0.20819 -0.09559 0.724501 0.035377 0.203492 0.629796 -0.00094 -0.14769 0.960766 0.056087 0.624061 -0.10869 0.284453 -0.04804 -0.14008 -0.06331 0.582983 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.32987 -0.24988 0.002655 0.058152 -0.12633 0.654916 -0.47438 -0.16227 0.010445 5.566485 -0.90766 0.076956 -0.01788 -0.0184 -0.09084 -0.55504 -0.30397 0.073129 0.297166 -0.24096 -0.11347 -0.68893 0.307186 -0.16341 -0.17325 -0.02929 -1.14804 0.142144 4.658564 0.165515 -0.02173 -0.45941 -0.14157 -0.57492 ret 0.591085 0.049038 -0.08164 -0.1272 -0.7113 -0.13618 -0.07752 -0.3213 -0.26584 -0.20272 0.361568 0.214089 0.2832 -0.56856 0.874731 1.316978 -0.55925 -0.11995 -0.60241 -0.22652 0.56685 0.137414 -0.4503 0.816814 -0.13774 0.436682 2.086357 -0.52824 -0.51356 -0.11923 -0.07137 0.017621 -0.48959 -0.6224 si leasedum 0 0 1 1 1 1 1 1 1 1 0 0 0 0 1 eg cd 1 0 0 0 1 0 0 0 0 1 1 1 0 1 ac th droa 0.022618 0.01464 -0.00295 -0.03521 -0.07601 0.001298 0.000215 -0.00471 -0.00108 0.021134 0.004653 -0.02993 -0.00024 0.003352 0.025067 0.069212 -0.00835 -0.01103 -0.07355 -0.00252 -0.02513 0.0171 0.043986 0.016484 0.002221 0.022555 0.310441 -0.12288 -0.09202 -0.03273 0.166153 -0.02834 -0.02695 -0.01318 y te dsales -0.02269 0.026379 -0.01807 0.016496 -0.01996 0.102515 -0.14911 -0.04985 0.068167 0.036563 6.34E-05 -0.00843 8.15E-05 0.006907 0.056708 -0.00513 -0.02039 -0.04294 -0.48956 -0.00718 0.173897 -0.12291 0.063955 0.005976 -0.02485 -0.00554 0.017927 0.010064 -0.06053 -0.16612 0.152903 0.081512 -0.03874 -0.0148 Lu softassets 0.692816 0.460636 0.335551 0.314556 0.531789 0.965074 0.967869 0.955021 0.878224 0.871885 0.93149 0.323886 0.396653 0.2245 0.693731 0.49708 0.712266 0.6515 0.460372 0.693693 0.887738 0.811558 0.900064 0.564583 0.548299 0.542367 0.825979 0.807086 0.878769 0.452923 0.46294 0.527649 0.644131 0.59147 gm dinv 0.026309 -0.01301 -0.01144 -0.00598 0.006426 0.074605 0.066516 -0.07642 -0.10611 0.022472 0.048933 0.013443 0.00081 -0.01199 -0.10819 0.25128 0.026486 -0.13387 -0.00515 -0.00625 0.037786 0.110925 -0.2116 -0.0037 0.038253 0.030924 0.299225 -0.09961 0.031443 0.000881 -0.00058 -0.02479 -0.0011 -0.00012 vb drec 0.030188 -0.02521 0.004694 -0.0093 0.006644 -0.0324 0.017882 -0.00962 0.01107 -0.00055 0.047138 0.020487 -0.00032 -0.01122 -0.0257 0.077663 0.041079 -0.13609 -0.01662 -0.00652 -0.02236 0.002139 -0.00069 0.001181 0.052468 0.017888 -0.01927 -0.02213 0.129987 0.040999 -0.02784 -0.03826 0.020228 0.083809 nh rsst 0.086768 0.182696 -0.01944 -0.03887 -0.05376 -0.07113 0.006077 -0.07488 -0.11321 0.216812 0.044493 -0.17112 0.004239 -0.02029 0.034757 0.03374 -0.0116 -0.00411 -0.08069 0.001945 0.041664 -0.0019 0.111704 0.050459 0.098684 0.093576 0.223355 -0.13311 0.098889 0.072428 0.075518 -0.0013 -0.06003 0.198421 va 0 0 0 1 1 0 1 1 1 0 0 0 1 1 n year 2017 2015 2016 2017 2017 2016 2017 2015 2015 2016 2017 2016 2015 2017 2016 2015 2017 2016 2017 2015 2016 2015 2017 2015 2017 2016 2016 2015 2017 2016 2017 2015 2016 2017 ua al unitid 196 197 197 197 198 199 199 199 200 200 200 201 201 201 202 202 202 203 203 203 204 204 204 205 205 205 206 206 206 207 207 207 208 208 pl ticker TCM TCO TCO TCO TCR TDC TDC TDC TDH TDH TDH TDW TDW TDW THG THG THG TIE TIE TIE TIX TIX TIX TLG TLG TLG TLH TLH TLH TMP TMP TMP TMS TMS lret -0.64859 0.206748 0.049038 -0.08164 -0.3643 -0.3213 -0.13618 0.192082 0.334554 -0.26584 -0.20272 0.2832 0.235954 0.214089 1.316978 1.038364 0.874731 -0.22652 -0.11995 -0.1338 0.137414 0.213906 0.56685 0.387996 0.436682 0.816814 -0.52824 0.105162 2.086357 0.017621 -0.11923 0.784914 1.094676 -0.48959 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.28347 -0.13004 -0.18796 -0.21796 -0.24753 -0.01085 0.042253 -0.0104 -0.03416 -0.13106 -2.04224 -0.93081 -0.16155 -0.03188 0.107661 -0.12929 0.024696 0.813215 -0.25189 -0.16933 0.187134 -0.13432 -0.32748 -0.19676 -3.60846 -0.7334 1.314469 0.153764 -0.02712 -0.2137 -0.01658 -0.06901 -0.27086 -0.15518 ret 1.094676 -0.8424 2.291716 -0.87076 0.908635 0.467284 -0.70086 0.005619 -0.24961 -0.18425 -1.05825 9.308788 0.178239 0.013088 -0.26183 0.200315 0.68041 -0.20622 0.236614 -0.25678 -0.36756 -0.1148 -0.45237 -0.22407 0.023583 -0.95628 -0.07351 -0.96044 -0.19736 1.73141 0.105503 -0.16128 -0.31696 -0.3631 si leasedum 1 1 1 0 0 1 0 0 0 0 0 0 0 0 eg cd 1 0 1 0 0 0 1 0 0 0 0 1 1 0 ac th droa -0.02061 -0.09146 0.042957 -0.01924 0.040265 0.007493 -0.01635 0.030332 0.011219 -0.01785 -0.03648 0.00778 0.019621 0.009741 -5.5E-05 0.019163 0.004253 0.009099 0.008664 -0.0438 0.038422 -0.00081 0.010492 -0.00973 -0.07042 -0.09443 -0.01455 -0.41438 0.120267 0.052335 -0.01971 0.013209 0.019565 -0.00242 y te dsales 0.023599 -0.01634 0.017567 -0.21082 -0.02078 0.039147 0.013392 -0.14977 0.15842 0.059555 -0.41083 1.95702 -0.01427 -0.05105 0.01143 -0.00486 0.047172 0.001435 0.005755 -0.00623 -0.04638 0.075476 -0.10668 -0.10445 0.016837 -0.108 0.167573 -0.28538 0.680104 0.071252 -0.023 -0.00373 -0.0542 0.003479 Lu softassets 0.5846 0.947521 0.920546 0.903908 0.928895 0.901467 0.957463 0.383847 0.438728 0.390213 0.994671 0.999812 0.772255 0.821623 0.816097 0.566678 0.582731 0.701548 0.785567 0.721086 0.781686 0.832986 0.834597 0.798817 0.680466 0.820869 0.954512 0.885599 0.834061 0.88759 0.571114 0.580669 0.596154 0.944558 gm dinv 0.001644 -0.04893 0.445374 0.046713 0.125256 0.072301 -0.06969 -0.01212 0.016419 -0.03452 0.003651 -0.06249 0.096561 -0.0934 0.039318 -0.00577 0.018978 -0.01487 -0.00879 0.01774 -0.01326 0.020464 0.030876 0.104174 -0.0364 -0.01336 -0.16594 -0.04008 0.039878 -0.02805 0.028134 0.189958 0.065563 vb drec -0.0059 0.017292 -0.00429 0.206319 0.096713 -0.03365 -0.00976 0.020077 -0.0216 -0.00933 0.137039 -0.07683 0.016692 0.070479 -0.02167 0.037195 -0.06784 -0.00871 -0.00131 0.000536 0.011338 -0.03928 0.051329 0.067174 0.069277 0.119883 -0.16016 -0.10447 -0.0136 0.061471 0.016281 0.052224 0.148531 -0.00273 nh rsst -0.10304 -0.00595 0.027591 -0.00681 0.06831 0.013523 0.034489 0.015458 0.014648 -0.00365 0.580375 0.041998 0.049215 0.023232 0.079931 0.077307 0.02486 0.0685 0.026412 -0.07912 0.026136 -0.02922 0.016849 0.004891 1.1733 0.166567 -0.10129 -0.43622 0.060379 0.173353 0.061458 0.042268 0.03928 -0.01836 va 1 1 0 0 0 1 1 0 1 0 1 1 1 n year 2015 2016 2015 2017 2016 2015 2017 2016 2017 2015 2016 2015 2016 2017 2015 2015 2016 2017 2016 2015 2017 2016 2017 2015 2015 2016 2017 2016 2017 2015 2016 2015 2017 2015 ua al unitid 208 209 209 209 210 210 210 211 211 211 212 212 213 213 213 214 214 214 215 215 215 216 216 216 217 217 217 218 218 218 219 219 219 220 pl ticker TMS TMT TMT TMT TNA TNA TNA TNC TNC TNC TNT TNT TPC TPC TPC TRA TRA TRA TRC TRC TRC TS4 TS4 TS4 TSC TSC TSC TTF TTF TTF TYA TYA TYA UDC lret 0.675668 2.291716 3.33089 -0.8424 0.467284 0.028625 0.908635 -0.18425 0.005619 -0.13692 9.308788 0.351829 -0.26183 0.178239 -0.11738 -0.22288 0.200315 0.68041 -0.25678 -0.36985 0.236614 -0.22407 -0.1148 0.141548 3.632781 0.023583 -0.95628 1.73141 -0.96044 0.585162 -0.16128 0.29029 0.105503 0.043495 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee 0.403036 -0.07189 0.034042 -0.01256 -0.09088 -0.26212 -0.18924 -0.19074 -0.21649 -0.16444 0.070077 0.144407 -0.27306 0.740432 -0.10136 0.876208 -0.80739 -1.22391 0.064634 86.49264 -0.10375 -0.14546 -0.30001 -0.09167 0.14765 0.038527 -0.62675 0.185673 -0.01855 -0.21664 -0.23885 -0.08423 0.222875 -0.21919 ret -0.60771 0.305365 0.275892 -0.2874 0.352359 -0.28407 0.079338 0.008415 -0.88568 0.225534 0.725283 1.082119 -0.54362 -0.26135 -0.82098 -0.78911 -0.49819 0.054098 0.146591 0.377824 -0.49825 0.367358 0.712464 -0.23934 -0.28193 -0.29182 1.476752 -0.15533 0.433664 0.028962 -0.62828 0.666409 -0.39137 0.172967 si leasedum 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 eg cd 0 0 0 0 1 0 0 1 0 0 0 0 1 1 ac th droa 0.000667 0.002231 0.006127 0.029482 0.033582 -0.07798 0.01667 -0.02452 -0.02037 -0.00364 0.022537 0.053072 -0.00324 -0.05916 -0.06356 -0.96007 -0.0632 0.008798 -0.03352 0.000214 -0.00605 0.016779 0.18238 0.018022 -0.08868 -0.00267 0.058564 -0.03509 -0.01745 0.000544 -0.00026 -0.00188 -0.05529 0.007947 y te dsales 0.493931 -0.36941 -0.00635 0.016795 -0.00715 -0.00137 0.000785 0.002912 -0.03081 -0.02736 0.022762 0.02123 -0.01941 -0.06555 0.195258 -0.59619 0.378769 0.005667 -0.03799 -0.00118 -0.71468 -0.01274 1.429046 -0.01956 -0.00522 0.042955 -0.20486 -0.00756 0.092334 -0.03518 -0.01827 -0.01697 -0.11239 -0.13883 Lu softassets 0.955784 0.91042 0.739264 0.816426 0.739703 0.210124 0.21567 0.274027 0.856999 0.844298 0.81815 0.715709 0.690649 0.776325 0.792912 0.998777 0.929195 0.82101 0.798669 0.804333 0.97651 0.981614 0.952683 0.393707 0.371154 0.29874 0.560551 0.644822 0.814955 0.984292 0.946549 0.981651 0.858517 0.74744 gm dinv -0.4278 -0.01073 -0.01379 -0.03133 -0.04101 -0.01738 -0.03477 0.024764 0.078238 -0.02769 0.062363 -0.01915 -0.00324 -0.03744 -0.00269 -0.0094 0.012846 0.024697 0.090216 -0.03294 -0.04036 -0.05603 0.03354 0.010507 -0.00103 -0.01123 0.084466 -0.2076 -0.02651 0.144373 0.135845 0.062255 -0.00605 -0.00907 vb drec -0.03079 0.085136 0.017773 -0.03524 0.081867 0.001855 0.000749 -0.00283 0.031992 0.093318 0.001021 -0.00768 0.056432 0.101545 -0.06931 -0.07559 -0.05965 0.009336 0.011272 0.009515 0.036408 0.068094 0.108994 0.010737 -0.00489 -0.01189 0.36346 -0.02822 0.05806 0.094879 0.065322 0.039413 0.010279 0.093675 nh rsst 0.114921 0.028992 0.029931 0.035912 0.062789 0.091344 0.156763 -0.41195 0.026381 0.010247 0.072955 0.049343 0.13679 -0.0524 -0.02746 -0.97685 0.518396 0.036645 0.041636 0.033777 0.075784 0.041824 0.194318 -0.0647 0.09042 0.06504 0.032729 0.017209 0.144346 0.012381 0.008113 0.002637 -0.00685 0.144373 va 1 0 0 0 1 1 1 1 1 1 0 0 0 1 1 n year 2016 2017 2015 2017 2016 2015 2016 2017 2017 2016 2015 2016 2017 2015 2016 2017 2015 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2017 2015 2016 2015 ua al unitid 220 220 221 221 221 222 222 222 223 223 223 224 224 224 225 225 225 226 226 226 227 227 227 228 228 228 229 229 229 230 230 230 231 231 pl ticker UDC UDC UIC UIC UIC VCF VCF VCF VFG VFG VFG VHC VHC VHC VHG VHG VHG VIC VIC VIC VID VID VID VIP VIP VIP VIS VIS VIS VMD VMD VMD VNE VNE lret -0.3631 -0.60771 0.326199 0.352359 0.275892 0.176052 -0.28407 0.079338 0.225534 0.725283 0.026941 -0.26135 1.082119 1.456558 -0.49819 -0.82098 0.491829 0.146591 -0.03915 0.054098 0.367358 -0.10531 -0.49825 -0.28193 0.47903 -0.23934 -0.15533 -0.34875 1.476752 0.666409 0.028962 0.679196 0.172967 0.453022 jg hg ad ju y th yi fraud n oi m ll fu at z z k jm ht issue om l.c an va n re demployee -0.01692 -0.45969 -2.8854 -1.28958 -0.10015 0.040882 -0.0461 -0.02112 0.000504 -0.22586 -0.07638 -0.13735 0.108685 -0.0491 -0.07474 0.088375 -0.12496 -0.00486 -0.12584 -0.23331 -0.26811 0.079852 0.278109 0.001286 -2.72357 -0.39619 -0.74428 -0.03402 0.195127 -0.39483 -0.10395 -0.1416 0.169307 -0.43777 ret -0.37479 -0.12552 -0.19898 0.007489 0.177343 -0.24256 -0.64088 0.093688 0.62674 0.223352 -0.20281 0.001775 -0.96067 -0.62573 -0.78396 1.719651 0.312549 -0.35648 0.404666 -0.27394 0.059483 -0.67984 -0.06121 1.664252 -0.27391 0.853532 -0.32924 -0.59824 -0.11624 0.297845 -0.30854 -0.14825 0.278599 -0.20379 si leasedum 0 0 1 0 0 1 0 0 0 1 0 0 0 0 0 0 eg cd 0 0 0 1 0 0 1 0 0 1 1 0 0 0 ac th droa 0.039352 0.007885 0.019448 0.001746 -0.07742 -0.04401 0.004539 0.037559 0.042337 -0.00842 -0.0148 -0.02143 -0.0416 -0.07501 -0.02007 0.08357 0.060292 -0.0211 0.055324 -0.08758 -0.01154 -0.10524 -0.00216 0.025901 0.168239 -0.04003 -0.03541 -0.00518 -0.01184 -0.04045 -0.00191 0.026105 0.048658 -0.0122 y te dsales 0.192372 -0.07698 -0.00646 -0.13621 -0.02527 -0.01434 -0.0031 0.00812 0.001751 -0.02456 0.000177 -0.00518 -0.01162 -0.00375 -0.00966 -0.01534 0.053173 -0.231 0.299613 -0.05837 0.01887 -0.00884 0.497917 0.096102 -2.86792 0.017042 -0.01599 0.006576 -0.04907 0.625018 0.072713 -0.15258 0.116742 0.001136 Lu softassets 0.848594 0.689764 0.577068 0.747776 0.512436 0.575621 0.577594 0.666862 0.647807 0.708232 0.145664 0.173964 0.151751 0.167611 0.190477 0.183425 0.985682 0.863992 0.953681 0.629355 0.3884 0.798128 0.995774 0.990626 0.783092 0.584856 0.425804 0.359528 0.610463 0.700044 0.82274 0.839154 0.956678 0.800846 gm dinv 0.011327 -0.05412 0.011108 0.038897 0 0.025034 0.009588 -0.01564 0.000628 0.001819 0.001698 -0.01136 -0.00655 -2.1E-05 -0.17746 -0.07081 0.059044 0.021584 0.011942 -0.04338 -0.2125 -0.13578 1.019083 0.00141 -0.0003 0.001684 0.000958 0.076535 -0.03491 0.004593 -0.07738 -0.01657 vb drec -0.10742 0.098001 0.039877 0.031023 0.089365 0.01313 0.061275 -0.00042 0.008131 0.04508 0.002838 0.008706 -0.00034 -0.00323 -0.00177 0.01241 -0.00976 0.069024 -0.04884 0.00527 -0.02252 -0.01379 0.008376 -0.12225 0.047869 -0.00642 0.013422 0.005927 0.003088 -0.08466 -0.00238 -0.02944 -0.03834 0.120899 nh rsst -0.02552 -0.01906 0.597548 -0.15531 0.048333 0.001734 0.031662 0.053581 0.041387 0.047439 0.014241 -0.00582 0.124899 -0.01875 -0.00931 0.124321 0.108984 0.03381 0.197066 -0.27466 -0.18991 -0.11262 0.085034 0.018236 0.97429 -0.10391 -0.03611 0.155495 -0.1731 -0.41633 -0.10961 0.021453 0.043381 -0.20225 va 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 n year 2017 2016 2017 2015 2015 2016 2017 2016 2015 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2016 2015 2017 2015 2016 2017 2015 2016 2017 2016 2015 2017 2016 2015 2017 ua al unitid 231 232 232 232 233 233 233 234 234 234 235 235 235 236 236 236 237 237 237 238 238 238 239 239 239 240 240 240 241 241 241 242 242 242 pl ticker VNE VNG VNG VNG VNL VNL VNL VNM VNM VNM VNS VNS VNS VOS VOS VOS VPH VPH VPH VPK VPK VPK VRC VRC VRC VSC VSC VSC VSH VSH VSH VSI VSI VSI lret -0.39137 0.007489 -0.12552 1.897219 0.79019 0.177343 -0.24256 0.62674 -0.20598 0.093688 0.142576 -0.20281 0.001775 0.360356 -0.62573 -0.78396 0.139425 0.312549 -0.35648 0.059483 -0.45588 -0.27394 0.232221 -0.06121 1.664252 0.070672 0.853532 -0.32924 0.297845 -0.16934 -0.11624 0.278599 1.064748 -0.14825 jg hg ad ju y th yi fraud rsst 0.00139 0.006312 -0.01679 -0.02704 0.093612 0.044977 drec 0.240214 0.604094 -0.02219 -0.01981 -0.01571 -0.00446 n va dinv 0.086686 0.037245 -0.13592 0.007736 -0.00104 0.002316 softassets 0.849408 0.890617 0.947458 0.099365 0.115464 0.08942 dsales -0.13553 -0.24686 0.067492 0.025959 0.013089 0.009648 droa -0.01892 -0.01222 -0.00189 0.014582 0.003 0.003356 issue 0 0 0 demployee -0.37534 -0.89496 0.111082 -0.0217 0.068766 0.068436 leasedum 0 0 0 ret 0.109451 -0.02022 0.220332 0.101517 -0.23056 -0.26947 oi m ll fu 1 1 n year 2015 2016 2017 2016 2015 2017 ua al unitid 243 243 243 244 244 244 pl ticker VTB VTB VTB VTO VTO VTO lret 0.082743 0.109451 -0.02022 -0.23056 0.400069 0.101517 at nh z z k jm ht vb om l.c gm an Lu va n y te re ac th si eg cd jg hg