Based on Table 3 for the main market, the results of the correlation between the intangible assets indicator with the debt ratios that are respectively DR, STDR and LTDR are as follows: the correlation coefficient between the debt ratio (DR) and intangibles ratio is weak but negative (-0.028), significant at the 10 % level.
Based on Table 4 for the New Connect market, the results of the correlation between the intangible assets indicator with the debt ratios of DR, STDR and LTDR are as follows: the correlation coefficient between the debt ratio (DR) and intangibles ratio is weak but negative (-0.065) and significant at 5% level.
The best spatial correlation was found in GBA2000; LAC.ba and LTDR.ba showed very similar behavior in the common areas; and the remaining datasets presented lower spatial correlation, which normally improved in the central spatial subset with respect to the whole territory, except for GBA2000 by overestimation and L3JRC by underestimation.
On the contrary, MCD45A1 and LTDR.ba maintained a rather homogeneous and consistent spatiotemporal distribution for most scenes.
Some other spatiotemporal patterns were found in the rest of the regions: (a) northern fires were well represented in MCD45A1 and GBA2000 but were delayed by up to one month in the latter; (b) West coast fires--only estimated by the VGT-derived datasets--showed highly variable burn date estimates compared to other regions; and (c) heterogeneity of timing estimates in a site varied considerably in LTDR.ba between different regions (higher heterogeneity in mid-West and eastern sites).
Temporal shifts range now from +1 composite--the two maxima in LTDR.ba and only the first one in MCD45A1--and up to +3 composites in LAC.ba.
Next, the Bayesian network algorithm used in the 5 km LTDR.ba dataset increased the total amount of BA, with an underestimation of below -60%.
The temporal window is longer in other datasets: GBA2000 carries out 10to 30-day change observations, and LTDR.ba checks up to [+ or -] 60-day and even pre- and postfire years observations.
Most relevant indices used in LTDR.ba were GEMI, NDVI, and Vi3T as vegetation indices using the NIR and red regions, whereas the BBFI (Burned Boreal Forest Index) added the MIR region for better detection of bare soil caused by fire.
(7)I control for SIZE, OPINC, and CAPEX to be consistent with Berger and Ofek (1995), and I control for LTDR since previous literature suggests that firms with different leverages respond differently to market shocks.
SIZE is the logarithm of market value, where market value is the book value of assets minus the book value of equity plus the market value of equity; OPINC is operating income before interest and taxes deflated by sales revenue; CAPEX is capital expenditures deflated by sales revenue; and LTDR is the amount of long-term debt over the book value of assets.