Table 12 Sargan and Abond test results
Number of groups | No. of instruments | Sargan Test | Abond Test | |
|---|---|---|---|---|
Short-term leverage | ||||
Growth | 218 | 95 | 0.163 | 0.3685 |
Maturity | 651 | 95 | 0.2321 | 0.2784 |
Decline | 168 | 95 | 0.4733 | 0.7261 |
Long-term leverage | ||||
Growth | 204 | 95 | 0.3057 | |
Maturity | 600 | 95 | 0.033 | 0.095 |
Decline | 150 | 95 | 0.3328 | 0.4291 |
Total leverage | ||||
Growth | 252 | 95 | 0.1517 | 0.1027 |
Maturity | 699 | 95 | 0.3105 | 0.8352 |
Decline | 190 | 95 | 0.4264 | 0.231 |