Hi everyone,

I am struggling with the interpretation of my regression results. I use stock returns as the dependent variable and the values range between -0.81 to 0.35. Most of my independent variables are also given in proportions e.g. LTDebt is Long-Term Debt/Total Assets and ranges between 0 and 1.

Since I do not use them as percentages but as proportions I am unsure how to interpet the coefficients for e.g. LTDebt, since the use of percentage points would probably be incorrect?

Here is an example of my regression output:

Code:
. reg CrisisPeriodReturn ES lnMarketCap LTDebt STDebt CashHoldings Profitability BM BMDummy Momentum
>  IdioVola SMB HML MOM MktRf, robust

Linear regression                               Number of obs     =        852
                                                F(14, 837)        =      14.49
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1832
                                                Root MSE          =     .14356

-------------------------------------------------------------------------------
              |               Robust
CrisisPerio~n |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
--------------+----------------------------------------------------------------
           ES |  -.0288199   .0303761    -0.95   0.343    -.0884422    .0308024
  lnMarketCap |   .0088098    .005104     1.73   0.085    -.0012084     .018828
       LTDebt |  -.0999875   .0377497    -2.65   0.008    -.1740827   -.0258923
       STDebt |   .0136328   .0855839     0.16   0.873    -.1543514     .181617
 CashHoldings |   .0249738   .0579692     0.43   0.667    -.0888082    .1387558
Profitability |   -.010731   .0264634    -0.41   0.685    -.0626734    .0412113
           BM |  -.0076934   .0165694    -0.46   0.643     -.040216    .0248291
      BMDummy |  -.0529637   .0545169    -0.97   0.332    -.1599696    .0540422
     Momentum |    .013844   .0182355     0.76   0.448    -.0219487    .0496368
     IdioVola |  -.0493467   .2616701    -0.19   0.850    -.5629533    .4642599
          SMB |  -.0171075   .0069139    -2.47   0.014    -.0306781    -.003537
          HML |  -.0262343   .0079919    -3.28   0.001    -.0419208   -.0105478
          MOM |   .0708367   .0127377     5.56   0.000     .0458351    .0958384
        MktRf |  -.0811975   .0127559    -6.37   0.000    -.1062347   -.0561602
        _cons |  -.3801371   .0838043    -4.54   0.000    -.5446285   -.2156458
-------------------------------------------------------------------------------
Thank you in advance! I really appreciate your help.

Nicole