$\ln \left(E_{i,t}/E_{i,t-1}\right)$

Coef.

St.Err.

t-value

p-value

[95% Conf

Interval]

Sig

$\ln \left(R_{i,t}/R_{i,t-1}\right)$

0.99

0.005

194.04

0

0.98

1

^***

$\text{D}\ln \left(E_{i,t}/E_{i,t-1}\right)$

−0.031

0.01

−2.97

0.003

−0.051

−0.01

^***