The dependent variable of the regression equation, the Market variable for Bank Holding Company (BHC), i, during time, t, equals the summation of the following items:

- Alpha;
- Beta-one times BOPEC Change for BHC, i, during time, t minus one;
- Beta-two times Firm Size for BHC, i, during time, t minus one;
- Beta-three through Beta-eleven, each times a different Financial Accounting variable for BHC, i, during time, t minus one - a summation of each of these terms;
- Error term for BHC, i, during time, t.