**URGENT**

Hi, I have the following tables. Who can help me to interpret Model 3 and Model 4?

Model 1 = t-1 (last year)

Model 2 = Average of last 2 years

Model 3 = Variance over last 3 years

Model 4 = Variance over last 5 years

CEO Succession =Dependant variable |
Model 1(t-1) |
Model 2(avg. 2 years) |
Model 3(variance 3 years) |
Model 4(variance 5 years) |

Net Income/Total Assets (ROA) | -0.353* (0.182) |
-0.073 (0.177) |
0.006*** (0.001) |
0.009*** (0.001) |

Buy Hold Return (BHR) | -0.284*** (0.064) |
-0.356*** (0.079) |
0.365*** (0.074) |
0.156*** (0.084) |

Thank you very much!

Clyde Schechter

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