Panel A of Table 1 presents the descriptive statistics while Panel B presents the correlation analysis of all variables for our final sample of 2,243 firm-year observations during 2000–2008. Mean and median of sample firms’ one-year-ahead
earnings (EARNt + 1) as well as cash flows (CFOt) are positive while mean and median of ACCt are negative. These are consistent with Supattarakul and Vivattanachang (2013) and Supattarakul (2013). Morover, mean and median of NOAt are 0.7775 and 0.7904, respectively, and mean and median of CAR are –0.0761 and –0.1162, respectively.