The sample variance s; of industry returns was 61.9 in sample A and 58.1 in sample B. Extending the development of (10) to cover industry-year effects, the expected value of this measure can be written
The sample variance s; of industry returns was 61.9 in sample A and 58.1 in sample B. Extending the development of (10) to cover industry-year effects, the expected value of this measure can be written