Table 1 Sample distribution Panel A –...

Table 1

Sample distribution

Panel A – Sample selection
Firm-year observations	7740
Less: observations with insufficient financial data	−1690
Firm-year observations in final sample	6050

Panel B – Sample breakdown by sector	Obs.	% of sample
Communication Services	495	8.18
Consumer Discretionary	803	13.27
Consumer Staples	385	6.36
Energy	198	3.27
Health Care	704	11.64
Industrials	1,683	27.82
Information Technology	407	6.73
Materials	627	10.36
Real Estate	407	6.73
Utilities	341	5.64
Total	6050	100
Panel C Sample breakdown by country
Austria	198	3.27
Belgium	242	4
Denmark	253	4.18
Finland	242	4
France	1062	17.55
Germany	1,122	18.54
Greece	66	1.09
Ireland	319	5.27
Italy	473	7.81
Luxembourg	176	2.9
Netherlands	440	7.27
Portugal	121	2
Spain	429	7.09
Sweden	907	14.99
Total	6050	100

Panel B – Sample breakdown by sector	Obs.	% of sample
Communication Services	495	8.18
Consumer Discretionary	803	13.27
Consumer Staples	385	6.36
Energy	198	3.27
Health Care	704	11.64
Industrials	1,683	27.82
Information Technology	407	6.73
Materials	627	10.36
Real Estate	407	6.73
Utilities	341	5.64
Total	6050	100
Panel C Sample breakdown by country
Austria	198	3.27
Belgium	242	4
Denmark	253	4.18
Finland	242	4
France	1062	17.55
Germany	1,122	18.54
Greece	66	1.09
Ireland	319	5.27
Italy	473	7.81
Luxembourg	176	2.9
Netherlands	440	7.27
Portugal	121	2
Spain	429	7.09
Sweden	907	14.99
Total	6050	100

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