– Q2 • The Valuation Role of Fundamentals • This equation is estimated using the Probit Maximum Likelihood Estimation method. 6/29/2015 22 Empirical Test – Q2 • The next main objective is to test whether

ไดตามจริง ไมเกิน 10.0% ของรายได o A o B 21 Result 1: Simple VS Complex Tasks (1) (2) (3) (4) (5) Only CRT (1)+Demo- graphics (3)+Bias (Baseline) Probit Using weighted CRT CRT 0.113* 0.120* 0.127

estimated using the Probit Maximum Likelihood Estimation method. This model controls for growth opportunities, capital structure, and business cycle (Fama and French, 1995: Lang et al., 1996; Fama and French