All independent variables are decile rank
variables ranging from 0 to 1, with 0 being the lowest rank.
The higher the final decile rank
, the more likely this firm-year is misclassified.
The broadest awards are given to the fund families with the lowest average decile rank
of the three-years' consistent return measure of the eligible funds per asset class and group.
2003a, b), mean values of the EOLEI by decile, and a decile rank
variable that takes values from 1 to 10 corresponding the decile grouping of HRRs by the value of the EOLEI.
Portfolios are formed as follows: For each year from 1973 to 1997, we calculate the scaled decile rank
for accruals and SG for each firm.
Public relations specialists' fourth earnings decile rank
in New Orleans matched their national rank, but fashion designers' sixth earnings decile rank
is several deciles lower than their second earnings decile rank
For example, Panel A of Table I indicates that if the decile rank
of the relative rate increases by 1, on average, issuance decreases by $361 million in a month.
As in Abarbanell and Bushee (1998), we replace the value of each variable by its scaled decile rank
, varying from 0 to 9.
To measure the economic significance of the results, we replicate the cross-sectional Fama-MacBeth (1973) regressions after transforming all of the independent variables into decile ranks
and then standardize these ranks to take values between zero and one.
The occupations' local decile ranks
were compared to their national decile ranks
Similar to the baseline regression, all the independent variables were transformed into decile ranks
scaled by nine.