PTBVPrice to Tangible Book Value
PTBVPercutaneous Transluminal Balloon Valvuloplasty (cardiology)
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We regress the returns on a constant, the CAPM beta, firm size (CAP), price-to-book value (PTBV), and a measure of momentum.
Cell entries are parameter estimates averaged over 42 post-CSR observation months with standard errors in parentheses, based on Shanken (1992); [r.sub.i,t] are the returns to stock i in month t, CSR is the composite measure, ENV is the environment indicator, EMP is the employment indicator, COMM is the community indicator, CAP is market capitalization, PTBV is price-to-book value, [u.sub.i,t] is a disturbance term; * and ** denote significance at the 10% and 5% levels, respectively; market capitalization figures have been multiplied by 10,000 for simplicity of presentation.