Table 2. Estimated abnormal earnings persistence coefficient between shipping and shipbuilding industry

E t − r B V t − 1 = φ E t − 1 − r B V t − 2 + ε i , t
Variables	Shipping industry	Shipbuilding industry
	Coefficient (t-value)	Coefficient (t-value)
Constant	0.0079 (0.333)	0.0058 (0.624)
φ	0.165 (1.923)*	0.592 (3.672)***
Adj R2	0.045*	0.176***
F-Statistics	3.696	13.488

p <0.10,
p <0.05,
p <0.01.
BV, net assets; E, net income; r, cost of capital; φ, abnormal earnings persistence coefficients.