Table 1 Summary statistics Mean SD P25...

Table 1

Summary statistics

	Mean	SD	P25	Median	P75	N
Panel A. summary statistics for implied cost of equity capital (%)
Cost of equity	9.671	2.547	8.045	9.340	10.953	17,910
Cost of equity (GLS)	9.880	2.922	8.073	9.747	11.523	17,910
Cost of equity (CT)	8.000	2.799	6.238	7.801	9.431	17,910
Cost of equity (MPEG)	10.723	3.893	8.209	9.828	12.365	17,910
Cost of equity (OJ)	10.058	2.747	8.323	9.640	11.353	17,910
Panel B. summary statistics for control variables
Corporate Integrity	2.096	0.888	1.463	1.943	2.578	17,910
Beta Value-Weighted	1.232	0.549	0.854	1.159	1.536	17,910
Idiosyncratic Risk	0.426	0.192	0.285	0.389	0.523	17,910
Market Value of Equity	7.735	1.643	6.521	7.586	8.797	17,910
Market-to-Book	4.010	4.821	1.714	2.653	4.284	17,910
Book Leverage	0.222	0.181	0.050	0.211	0.345	17,910
Momentum	0.152	0.428	−0.107	0.096	0.322	17,910
Analyst Forecast Dispersion	0.111	0.263	0.017	0.032	0.078	17,910
Long-Term Growth Rate	0.151	0.090	0.100	0.140	0.188	17,910
Return on Assets	0.053	0.071	0.023	0.054	0.090	17,910

	Mean	SD	P25	Median	P75	N
Panel A. summary statistics for implied cost of equity capital (%)
Cost of equity	9.671	2.547	8.045	9.340	10.953	17,910
Cost of equity (GLS)	9.880	2.922	8.073	9.747	11.523	17,910
Cost of equity (CT)	8.000	2.799	6.238	7.801	9.431	17,910
Cost of equity (MPEG)	10.723	3.893	8.209	9.828	12.365	17,910
Cost of equity (OJ)	10.058	2.747	8.323	9.640	11.353	17,910
Panel B. summary statistics for control variables
Corporate Integrity	2.096	0.888	1.463	1.943	2.578	17,910
Beta Value-Weighted	1.232	0.549	0.854	1.159	1.536	17,910
Idiosyncratic Risk	0.426	0.192	0.285	0.389	0.523	17,910
Market Value of Equity	7.735	1.643	6.521	7.586	8.797	17,910
Market-to-Book	4.010	4.821	1.714	2.653	4.284	17,910
Book Leverage	0.222	0.181	0.050	0.211	0.345	17,910
Momentum	0.152	0.428	−0.107	0.096	0.322	17,910
Analyst Forecast Dispersion	0.111	0.263	0.017	0.032	0.078	17,910
Long-Term Growth Rate	0.151	0.090	0.100	0.140	0.188	17,910
Return on Assets	0.053	0.071	0.023	0.054	0.090	17,910

Note(s): The table presents the descriptive statistics for the variables used in the regressions. The sample consists of publicly traded non-financial and non-utility firms in the United States. The full sample includes 17,910 firm-year observations from 2002 to 2020. Panel A presents summary statistics for implied cost of equity estimates. Panel B presents summary statistics for control variables. All continuous variables are winsorized at their 1st and 99th percentiles. All variables are defined in Appendix A

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