where ASSIN/ is the income from asset sales per share of the ith firm-year observation
for the event year, deflated by the stock price at the beginning of the year; 6 EPS, is the
change in pre-tax annual ordinary income per share, exclusive of income from asset
sales, of the ith firm-year observation for the event year, scaled by the stock price at the
beginning of the year; DETEQ, is the ratio of the book value of long-term debt to the book
value of owners' equity of the ith firm-year observation at the beginning of the event
year; and e, is the ASSIN, residual.