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How many levels are there to the independent variable?
Price/earnings Ratio
A valuation metric for companies, calculated as the market value per share divided by the earnings per share.
Excess Cash
Refers to the amount of cash held by a company that exceeds the normal operational needs, often indicating a potential for investment, distribution to shareholders, or acquisition.
Dividend
A part of a company's profits distributed to its shareholders, usually four times a year.
Share Repurchase
A process where a company repurchases its own stock from the market, leading to a decrease in the total shares available publicly.
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