Table 9 - continued D. The return spread on decile portfolios sorted by cash holdings across unprofitable and profitable firms (unprofitable) ROA≤0 1 (low (–5.27) CH) –0.87 10 (high 0.25 (1.22) CH) [10–1] 1.12 (4.54) (profitable) ROA>0 1 (low (–1.52) CH) –0.10 10 (high 0.47 (5.62) CH) [10–1] 0.57 (4.62) [profitable–unprofitable] of [10–1] 0.54 (2.08) [unprofitable,1]–[profitable,1] (–4.16) –0.76 [unprofitable,10]–[profitable,10] (–1.05) –0.22
Table 9 - continued D. The return spread on decile portfolios sorted by cash holdings across unprofitable and profitable firms ROA≤0 (unprofitable) 1 (low CH) –0.87 (–5.27) 10 (high CH) 0.25 (1.22) [10–1] 1.12 (4.54) ROA>0 (profitable) 1 (low CH) –0.10 (–1.52) 10 (high CH) 0.47 (5.62) [10–1] 0.57 (4.62) [profitable–unprofitable] of [10–1] 0.54 (2.08) [unprofitable,1]–[profitable,1] –0.76 (–4.16) [unprofitable,10]–[profitable,10] –0.22 (–1.05)