research methods they developed. As for the description of the data used, researches uses “Three Links”. Researchers announced that there are factors that can impact Three Links .Then, researchers used samples of firms listed on the NYSE, AMEX, and NASDAQ exchanges. Researchers required their data from the S&P Compustat database and the CRSP database. For persistence and association test, researchers used annual earnings and returns data for 31,923 firm-year observations over 1988 – 2001. For efficiency…
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