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The market term is "entry level product"– meaning a cost-conscious way to buy into a designer brand.
Table 7 Market-wide commonality in liquidity for TSX60 market capitalisation weighted SPR PSPR DEP ESPR PESPR Panel A: Concurrent market term commonality Coeff.
Panel A denotes the cross-sectional averages of the regression only with the concurrent market liquidity measure, Panel B contains the cross-sectional average coefficients of the regression with the concurrent market liquidity variable and a lag term, and Panel C contains the cross-sectional average of the regression with the concurrent market liquidity variable, and lead and lag market term.
Indeed, this may be seen explicitly by noting the definition of the estimate of β j, begin{array}{*{20}l} hat{beta_{j}} = sqrt{frac{sigma^{2}_{DL_{M}}}{sigma^{2}_{DL_{j}}}}rho DL_{j},DL_{M}), end{array} Table 6 Market-wide commonality in liquidity for TSX60 equally weighted SPR PSPR DEP ESPR PESPR Panel A: Concurrent market term commonality Coeff.
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