### Table 9. Temporary changes in the market-to-book ratio and the long-run effect on capital structure. Fama-MacBeth regressions of current and future

2002

"... In PAGE 23: ... By simultaneously estimating equation (7), we can also put confidence intervals around the two ratios. Table9 reports the results. The columns on the left report Fama-MacBeth estimates and t-statistics for b 21 , b 22 , b 23 , and b 13 .... In PAGE 26: ...79 from Table 10 divided by 7.46 from Table9 ) of the impact of M/ B efwa is explained by larger cash balances. The impact is necessarily less than 100 percent because debt issues raise cash balances and equity issued in the context of mergers do not.... ..."

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### Table 8: Long-run Supply Elasticities

1997

"... In PAGE 25: ... The long-run #28steady state#29 supply elasticity estimates are obtained bymultiplying all elasticity estimates on the RHS of Equation 6 with each other. Table8 presents two long- run supply elasticities for each country based on the sample means and the mean values for 1987-90. Both elasticities are presented to emphasize that the size of the sector as measured by the total planted area determines the size of the long-run supply response.... ..."

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### Table 5: Long-Run Equations

1998

"... In PAGE 10: ... II.B Long-Run Steady-State Changes Long-run equations are presented in Table5 . Log-linearizing the CPIs around the initial steady state gives equation (T5.... ..."

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### Table 1: Long-run neutrality restrictions

"... In PAGE 11: ... 4.2 Order of Integration To determine which of the cases in Table1 the seven countries satisfy, we employ Sowell apos;s (1992a) exact maximum likelihood approach in estimating an array of ARFIMA(p,d,q) models, where p; q = 0; 1; 2; 3, for each country apos;s m and y.6 Sowell (1990) and Diebold and Rudebusch (1991) both show unit root tests to have low power against long-memory processes, whereas Canova (1994) urges the use of alternative tests to the unit root test in discerning the true long-run characteristics of the data.... ..."

### Table IV Abnormal Long-run Performance

2000

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### Table 4: Long-run Causality Tests

1998

"... In PAGE 17: ... 3.2 Exogeneity and Predictabilty Table4 presents the results of the exogeneity tests on the cointegrating system suggested by the results in Table 3. These show that all but two of the long-term rates considered, those of France and Italy, are determined exogenously, whereas only one of the short-term rates, that of France, is exogenous.... ..."

### Table 5. Long-run Elasticities for Maize and White Teff as a Result of Grain Market Reform

"... In PAGE 23: ... The impact of liberalization was statistically significant at the 1% level only for Mekele. Long-run price impacts of liberalization are reported in Table5 . Long-run elasticities are computed as G0Di / (1- G27i ), the long-run price impact of liberalization (holding other factors constant) divided by the pre-liberalization price mean.... ..."

### Table 7: Long-Run Semi-Reduced Forms

1998

"... In PAGE 13: ...A. Long-Run Semi-Reduced Form Equations Table7 contains long-run semi-reduced form equations that hold for any shock. Table 7: Long-Run Semi-Reduced Forms... ..."

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### Table 3: Cointegration tests as tests for long-run market integration

"... In PAGE 18: ... Cointegration tests were conducted, as test for long-run co-movement of the price series. These tests (Dickey Fuller and Augmented Dickey Fuller tests with 12 lags) are reported in Table3 . We find that for all market pairs tested, the null of no cointegration is rejected at 1 percent for all but two markets, were it is rejected at 5 percent 14 .... In PAGE 19: ... Implicitly, this is imposing the restriction on the cointegrating vector that the coefficient on the price at the right hand side is equal to one. Annex Table3 gives the results for the key markets. Virtually all margins are stationary at least at 10 percent.... In PAGE 20: ... In other words, adjustment is sluggish. Considering other market pairs, which are only indirectly linked, confirms these estimates (Annex Table3 ). Virtually no markets can be found with immediate adjustment... In PAGE 36: ...Annex Table3 Stationarity of margins of key market pairs Market Pairs: DF sig ADF(12) Sig Ath Doornik -7.82 ** -2.... ..."

### Table A.II. Performance of Long-Running Benchmarks

1996

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