Table 2 Descriptive statistics and...

Table 2

Descriptive statistics and correlation

Panel A: Descriptive statistics
Variables	N	Mean	Median	Min	Max	Std
NCSKEW	12,365	−0.340	−0.295	−2.427	1.547	0.706
DUVOL	12,365	−0.226	−0.228	−1.359	0.923	0.463
RM_SUM	12,365	0.398	0.303	0.011	2.034	0.321
ICA_Index	12,365	6.566	6.731	0.000	9.953	1.121
INST	12,365	0.071	0.048	0.000	0.630	0.076
DTURN	12,365	−0.029	−0.029	−0.592	0.664	0.228
SIGMA	12,365	0.045	0.041	0.016	0.106	0.018
RET	12,365	−0.123	−0.087	−0.795	0.175	0.131
SIZE	12,365	22.470	22.291	19.991	26.166	1.258
MB	12,365	2.602	2.022	0.337	11.191	1.980
LEV	12,365	0.465	0.469	0.059	0.862	0.198
ROE	12,365	0.069	0.067	−0.421	0.315	0.095
NOA	12,365	0.509	1.000	0.000	1.000	0.499
OPINION	12,365	0.015	0.000	0.000	1.000	0.122
ACCR	12,365	0.053	0.038	0.000	0.279	0.052

Panel A: Descriptive statistics
Variables	N	Mean	Median	Min	Max	Std
NCSKEW	12,365	−0.340	−0.295	−2.427	1.547	0.706
DUVOL	12,365	−0.226	−0.228	−1.359	0.923	0.463
RM_SUM	12,365	0.398	0.303	0.011	2.034	0.321
ICA_Index	12,365	6.566	6.731	0.000	9.953	1.121
INST	12,365	0.071	0.048	0.000	0.630	0.076
DTURN	12,365	−0.029	−0.029	−0.592	0.664	0.228
SIGMA	12,365	0.045	0.041	0.016	0.106	0.018
RET	12,365	−0.123	−0.087	−0.795	0.175	0.131
SIZE	12,365	22.470	22.291	19.991	26.166	1.258
MB	12,365	2.602	2.022	0.337	11.191	1.980
LEV	12,365	0.465	0.469	0.059	0.862	0.198
ROE	12,365	0.069	0.067	−0.421	0.315	0.095
NOA	12,365	0.509	1.000	0.000	1.000	0.499
OPINION	12,365	0.015	0.000	0.000	1.000	0.122
ACCR	12,365	0.053	0.038	0.000	0.279	0.052

Panel B: Correlation table
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
NCSKEW (1)	1.00
DUVOL (2)	0.87	1.00
RM_SUM (3)	0.06	0.05	1.00
DTURN (4)	−0.06	−0.07	−0.01	1.00
SIGMA (5)	0.00	−0.00	0.00	0.51	1.00
RET (6)	0.01	0.02	−0.00	−0.40	−0.74	1.00
SIZE (7)	−0.06	−0.08	−0.00	−0.00	−0.25	−0.18	1.00
MB (8)	0.10	0.10	0.15	0.12	0.38	−0.29	−0.43	1.00
LEV (9)	−0.06	−0.07	0.00	−0.03	−0.07	−0.03	0.49	−0.10	1.00
ROE (10)	−0.06	0.05	0.22	−0.04	−0.01	0.07	0.14	0.06	−0.07	1.00
NOA (11)	0.01	0.00	0.11	0.00	−0.07	0.06	0.20	−0.11	−0.18	0.21	1.00
OPINION (12)	0.00	0.00	0.02	0.00	0.03	−0.02	−0.04	0.07	0.05	−0.15	−0.05	1.00
ACCR (13)	0.04	0.03	0.19	−0.02	0.07	−0.07	−0.05	0.08	0.07	−0.01	0.02	0.06

Panel B: Correlation table
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
NCSKEW (1)	1.00
DUVOL (2)	0.87	1.00
RM_SUM (3)	0.06	0.05	1.00
DTURN (4)	−0.06	−0.07	−0.01	1.00
SIGMA (5)	0.00	−0.00	0.00	0.51	1.00
RET (6)	0.01	0.02	−0.00	−0.40	−0.74	1.00
SIZE (7)	−0.06	−0.08	−0.00	−0.00	−0.25	−0.18	1.00
MB (8)	0.10	0.10	0.15	0.12	0.38	−0.29	−0.43	1.00
LEV (9)	−0.06	−0.07	0.00	−0.03	−0.07	−0.03	0.49	−0.10	1.00
ROE (10)	−0.06	0.05	0.22	−0.04	−0.01	0.07	0.14	0.06	−0.07	1.00
NOA (11)	0.01	0.00	0.11	0.00	−0.07	0.06	0.20	−0.11	−0.18	0.21	1.00
OPINION (12)	0.00	0.00	0.02	0.00	0.03	−0.02	−0.04	0.07	0.05	−0.15	−0.05	1.00
ACCR (13)	0.04	0.03	0.19	−0.02	0.07	−0.07	−0.05	0.08	0.07	−0.01	0.02	0.06

Note(s): This table reports the summary statistics for the variables used in the analyses (Panel A) and the Pearson correlation coefficients among the main variables (Panel B). The Spearman and Pearson correlation coefficients are presented in Panel B. Figures in italics are significant at the 5% level. All continuous variables are winsorized at the 1st and 99th percentiles. Variables are defined in Appendix 2

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