time patterns revealed in the regressions are illustrated in Fig. 1. The time patterns show
that the overall explanatory power is increasing for Korea, the Philippines, and Taiwan,
and declining for Indonesia and Thailand and mixed for Malaysia. Similarly, the
incremental explanatory power of BVPS is increasing for Korea, the Philippines, and
Taiwan, decreasing for Indonesia and Thailand, and mixed for Malaysia. For the
incremental explanatory power of residual earnings, results show increases in the
Philippines, Taiwan, and Thailand, decreases for Korea, and mixed patterns for Indonesia
and Malaysia.