We further consider each firm's leverage, which we define as the ratio of long-term debt over total assets, at time T-2, [Leverage.sub.T-2], and construct a dummy variable that identifies whether the firm received any debt or equity financing prior to the event date, [Financing.sub.T-5,T-2].
To accommodate for this potential effect we define a secondary market dummy, [Nonexchange-traded.sub.t-2], that equals one if a firm is not traded on a major exchange at time T-2, and zero otherwise.
In addition, we calculate the standard deviation of daily returns during the quarter ending at time T-2, [[sigma].sub.T-3,T-2], and the change in the standard deviation of daily returns from the quarter ending at time T-3 to the quarter ending at T-2, [DELTA] [[sigma].sub.T-3,T-2].
Finally, we consider the number of analysts who provide estimates of current-year EPS at time T-2, Analyst [Following.sub.T-2], and the change in the number of those analysts between time T-3 and T-2, [DELTA]Analyst [Following.sub.T-3,T-2].
On February 13, T-2 wrote a letter to the principal refusing to comply with his "harassing and retaliatory request" to submit a departmental plan for meeting state qualifications.
On March 28, the principal issued T-2 a fourth directive to submit the material to him by the end of the day and notified him that he was recommending to the superintendent a two-day suspension for T-2's failure to meet the previous directives.
On April 10, the principal summoned T-2 to his office and handed him a letter explaining his authority and repeating his warning about insubordination.
On April 11, the superintendent placed T-2 on administrative leave with pay and ordered him to comply with the principal's directives.
A passes to T-1, who square-passes to T-2 - who looks for A running the overlap.
T-1 can overlap behind A and T-2 can run to the near side.
The next pass is from B to C, who receives the ball sideways and passes on to T-2.
C can turn and run to the outside of T-2 for a shot, while player D should be open to receive a diagonal back pass from T-2 and then shoot.