Table 1. Sample selection and...

Table 1.

Sample selection and distribution

Details		Observations
Panel A – Sample selection
Firm-year observations available in the database		3,035
Less: Firm-year observations with insufficient financial data		(1,938)
Firm-year observations in final sample		1,097

Details		Observations
Panel A – Sample selection
Firm-year observations available in the database		3,035
Less: Firm-year observations with insufficient financial data		(1,938)
Firm-year observations in final sample		1,097

Industry	Obs.	% of sample
Panel B – sample breakdown by industry
Communication services	37	3.37
Consumer discretionary	151	13.76
Consumer staples	58	5.29
Energy	68	6.20
Financials	146	13.31
Health care	91	8.30
Industrials	135	12.31
Information technology	48	4.38
Materials	259	23.61
Real estate	99	9.02
Utilities	5	0.46
Total	1,097	100%
Year	Obs.	% of sample
Panel C sample breakdown by year
2010	6	0.55
2011	20	1.82
2012	21	1.91
2013	29	2.64
2014	53	4.83
2015	58	5.29
2016	57	5.20
2017	65	5.93
2018	68	6.20
2019	74	6.75
2020	80	7.29
2021	79	7.20
2022	183	16.68
2023	222	20.24
2024	82	7.47
Total	1,097	100.00

Industry	Obs.	% of sample
Panel B – sample breakdown by industry
Communication services	37	3.37
Consumer discretionary	151	13.76
Consumer staples	58	5.29
Energy	68	6.20
Financials	146	13.31
Health care	91	8.30
Industrials	135	12.31
Information technology	48	4.38
Materials	259	23.61
Real estate	99	9.02
Utilities	5	0.46
Total	1,097	100%
Year	Obs.	% of sample
Panel C sample breakdown by year
2010	6	0.55
2011	20	1.82
2012	21	1.91
2013	29	2.64
2014	53	4.83
2015	58	5.29
2016	57	5.20
2017	65	5.93
2018	68	6.20
2019	74	6.75
2020	80	7.29
2021	79	7.20
2022	183	16.68
2023	222	20.24
2024	82	7.47
Total	1,097	100.00

Note(s):

Panel A presents the sample selection process. Panel B presents the sample distribution by industry based on the Industrial Classification Benchmark (ICB). Panel C presents the sample distribution by year

[ViewLarge]

Sharing Unavailable