The market-value based measure of accounting conservatism (CON_MKT) is originally from Beaver and Ryan (2000) where estimates of book-to-market ratio multiplied by negative one is used to determine accounting conservatism. Positive values of book-to-market ratio multiplied by negative one mean a firm is more conservative in financial reporting. The book-to-market ratio is estimated by regressing book-to-market on the current and six lagged annual security returns