Table 3 Panel B sample comparison to...

Table 3

Panel B sample comparison to compustat, I/B/E/S and Thompson Reuters

	Compustat sample				This paper’s sample
Variable	N	Mean	Median	Standard deviation	N	Mean	Median	Standard deviation	Difference
MarketCap	2,445	9015.02	1128.67	37477.12	131	10398.31	1665.62	33853.92	1383.29
BookToMarket	2,445	0.50	0.38	0.95	131	0.31	0.24	0.40	(0.19)	**
Sales	2,445	1246.98	187.63	4798.73	131	918.02	123.58	3705.94	(328.96)
NumBusSegs	2,445	1.51	1.00	0.86	131	1.26	1.00	0.62	(0.25)	***
Following	2,445	7.95	6.00	7.62	131	10.53	8.00	7.99	2.57	***
Inst_Own	2,445	0.60	0.68	0.28	131	0.70	0.75	0.22	0.10	***
FirmAge	2,445	21.40	17.92	19.38	131	16.56	12.08	16.24	(4.84)	***
SalesVolatility	2,445	147.47	20.76	562.89	131	74.87	16.64	182.55	(72.61)	*

	Compustat sample				This paper’s sample
Variable	N	Mean	Median	Standard deviation	N	Mean	Median	Standard deviation	Difference
MarketCap	2,445	9015.02	1128.67	37477.12	131	10398.31	1665.62	33853.92	1383.29
BookToMarket	2,445	0.50	0.38	0.95	131	0.31	0.24	0.40	(0.19)	**
Sales	2,445	1246.98	187.63	4798.73	131	918.02	123.58	3705.94	(328.96)
NumBusSegs	2,445	1.51	1.00	0.86	131	1.26	1.00	0.62	(0.25)	***
Following	2,445	7.95	6.00	7.62	131	10.53	8.00	7.99	2.57	***
Inst_Own	2,445	0.60	0.68	0.28	131	0.70	0.75	0.22	0.10	***
FirmAge	2,445	21.40	17.92	19.38	131	16.56	12.08	16.24	(4.84)	***
SalesVolatility	2,445	147.47	20.76	562.89	131	74.87	16.64	182.55	(72.61)	*

Note(s): Panel B of this table compares selected descriptive statistics to a broad sample of firms at the intersection of Compustat, CRSP, I/B/E/S and Thompson Reuters. For ease of interpretation, variables are not log-transformed in this table. Difference of means is tested using a T-test with statistical significance denoted as ***p < 0.01, **p < 0.05, *p < 0.1

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