Table 1 Summary statistics Variables N...

Table 1

Summary statistics

Variables	N	Mean	SD	p25	p50	p75
CAR(−1,+1)	53,988	0.003	0.053	−0.019	0.003	0.025
LT (%)	53,988	0.228	0.114	0.136	0.222	0.311
TP∆/P	53,988	−0.003	0.302	−0.061	0.026	0.103
Size	53,988	8.533	1.667	7.32	8.482	9.677
Broker Size	53,988	3.849	1.055	3.135	4.06	4.727
B/M	53,988	−1.108	0.793	−1.528	−1.02	−0.577
Experience	53,988	55.339	36.637	25	50	81
IO	53,988	0.772	0.169	0.687	0.808	0.9
Ext Fin	53,988	0.004	0.162	−0.065	−0.018	0.027
Coverage	53,988	2.134	0.635	1.792	2.197	2.565
Dispersion	53,988	0.132	0.087	0.079	0.113	0.161
Leverage	53,988	0.205	0.162	0.063	0.2	0.312
∆VIX	53,988	−0.005	0.144	−0.095	−0.012	0.074
EPS Frsct	53,988	0.5	0.5	0	1	1
Recession	53,988	0.108	0.311	0	0	0
SIR	53,988	0.049	0.049	0.017	0.033	0.064
Momentum	53,988	0.134	0.367	−0.057	0.133	0.317

Variables	N	Mean	SD	p25	p50	p75
CAR(−1,+1)	53,988	0.003	0.053	−0.019	0.003	0.025
LT (%)	53,988	0.228	0.114	0.136	0.222	0.311
TP∆/P	53,988	−0.003	0.302	−0.061	0.026	0.103
Size	53,988	8.533	1.667	7.32	8.482	9.677
Broker Size	53,988	3.849	1.055	3.135	4.06	4.727
B/M	53,988	−1.108	0.793	−1.528	−1.02	−0.577
Experience	53,988	55.339	36.637	25	50	81
IO	53,988	0.772	0.169	0.687	0.808	0.9
Ext Fin	53,988	0.004	0.162	−0.065	−0.018	0.027
Coverage	53,988	2.134	0.635	1.792	2.197	2.565
Dispersion	53,988	0.132	0.087	0.079	0.113	0.161
Leverage	53,988	0.205	0.162	0.063	0.2	0.312
∆VIX	53,988	−0.005	0.144	−0.095	−0.012	0.074
EPS Frsct	53,988	0.5	0.5	0	1	1
Recession	53,988	0.108	0.311	0	0	0
SIR	53,988	0.049	0.049	0.017	0.033	0.064
Momentum	53,988	0.134	0.367	−0.057	0.133	0.317

Note(s): This table presents the summary statistics of the main variables undertaken for the study. All the variables are defined in the Appendix. The table presents the number of observations (N), mean, standard deviation (SD), 25^th percentile (p25), median (p50) and the 75^th percentile (p75)

Source(s): Authors’ own work

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