Accounting data and stock pricesAccounting data and stock prices, from 1995 to 2011, are from Economatica. We use quarterlydata, with variables from the income statement and the statement of cash flow annualized everyquarter. That is, quarterly data are converted to trailing 12 months (TTM) data by adding figuresfrom the current and previous three quarters to avoid within-year seasonality effects. This sample,used for the regression analysis, includes about 1150 firm-TTM observations.