Table V continued Differences in firm-specific risks across cohorts after controlling for intangible intensity and product-market uncertainty B: Earnings volatility Control for Control for intangible uncertainty and No controls Control for cohorts intensity and cohorts cohorts <0.001 0.559 0.508 0.067 -0.477 0.060 Intercept –2.981 −0.149 0.015 <0.001 0.091 0.481 0.284 0.000 0.052 Fiscal year × 1,000 −0.141 0.389 0.033 R&D <0.001 COGS −0.279 0.133 <0.001 Product-launch years 0.450 0.003 Special items 0.061 0.363 H-index 0.145 <0.001 0.001 0.679 0.014 <0.001 DummyListYear1970_79 <0.001 0.070 <0.001 0.021 0.038 0.058 <0.001 DummyListYear1980_89 0.087 <0.001 0.025 0.049 0.061 <0.001 DummyListYear1990_99 0.102 <0.001 0.011 0.562 0.066 <0.001 DummyListYear2000_09 N 135 135 135 140 26.46 185.92 161.14 169.90 F-value Probability <0.001 <0.001 <0.001 <0.001 Adjusted 87.34% 89.38% 91.90% R-squared <0.001 0.679 <0.001 Average Pre-1970 < 1970s cohort (0< γ1) <0.001 0.014 <0.001 Average 1970s cohort < 1980s cohort (γ1< γ2) <0.001 0.383 0.416 Average 1980s cohort < 1990s cohort (γ2<γ3) 0.011 No 0.357 Average 1990s cohort < 2000s cohort (γ3< γ4) VI Tests of convergence of operating and financial characteristics across successive cohorts of listed firms
Table V continued Differences in firm-specific risks across cohorts after controlling for intangible intensity and product-market uncertainty B: Earnings volatility No controls Control for cohorts Control for intangible intensity and cohorts Control for uncertainty and cohorts Intercept –2.981 <0.001 −0.149 0.559 0.508 0.067 -0.477 0.060 Fiscal year × 1,000 0.015 <0.001 0.091 0.481 −0.141 0.284 0.000 0.052 R&D 0.389 0.033 COGS −0.279 <0.001 Product-launch years 0.133 <0.001 Special items 0.450 0.003 H-index 0.061 0.363 DummyListYear1970_79 0.145 <0.001 <0.001 0.001 0.679 0.014 <0.001 DummyListYear1980_89 0.070 <0.001 0.021 0.038 0.058 <0.001 DummyListYear1990_99 0.087 <0.001 0.025 0.049 0.061 <0.001 DummyListYear2000_09 0.102 <0.001 0.011 0.562 0.066 <0.001 N 135 135 135 140 F-value 26.46 185.92 161.14 169.90 Probability <0.001 <0.001 <0.001 <0.001 Adjusted R-squared 87.34% 89.38% 91.90% Average Pre-1970 < 1970s cohort (0< γ1) <0.001 0.679 <0.001 Average 1970s cohort < 1980s cohort (γ1< γ2) <0.001 0.014 <0.001 Average 1980s cohort < 1990s cohort (γ2<γ3) <0.001 0.383 0.416 Average 1990s cohort < 2000s cohort (γ3< γ4) 0.011 No 0.357 VI Tests of convergence of operating and financial characteristics across successive cohorts of listed firms
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