Table A3 Summary statistics of the...

Table A3

Summary statistics of the matched sample

Variables	Full sample (N = 7,578)		MBE = 1 (N = 3,789)		MBE = 0 (N = 3,789)		Mean difference
Variables	Mean	Median	Mean	Median	Mean	Median	Difference	p-value
MBE	0.496	0.000	1.000	1.000	0.000	0.000	1.000	0.000
BHAR[−1, 1]	0.000	−0.002	0.003	0.000	−0.002	−0.005	0.005	0.000
BHAR[−2, 2]	0.002	−0.002	0.005	0.000	−0.001	−0.005	0.006	0.000
BHAR[−3, 3]	0.003	−0.003	0.006	−0.001	−0.001	−0.006	0.007	0.000
BHAR[−5, 5]	0.005	−0.003	0.008	0.000	0.001	−0.006	0.007	0.000
BHAR[−10, 10]	0.007	−0.005	0.011	−0.001	0.003	−0.009	0.009	0.000
Surprise	−0.002	0.000	0.005	0.002	−0.009	−0.004	0.014	0.000
Analyst	12.247	9.000	12.269	9.000	12.225	9.000	0.044	0.855
GVT	0.586	1.000	0.582	1.000	0.590	1.000	−0.008	0.470
ROA	0.055	0.047	0.056	0.047	0.054	0.046	0.001	0.234
ETP	0.042	0.035	0.042	0.036	0.041	0.034	0.001	0.531
Size	22.782	22.568	22.763	22.584	22.802	22.557	−0.039	0.245
MTB	2.748	2.075	2.787	2.102	2.710	2.053	0.077	0.240
Leverage	0.485	0.489	0.483	0.486	0.486	0.492	−0.003	0.509
CFO	0.068	0.064	0.069	0.066	0.067	0.063	0.002	0.591
Prior stock return	0.032	0.006	0.032	0.009	0.032	0.003	0.001	0.884

Variables	Full sample (N = 7,578)		MBE = 1 (N = 3,789)		MBE = 0 (N = 3,789)		Mean difference
Variables	Mean	Median	Mean	Median	Mean	Median	Difference	p-value
MBE	0.496	0.000	1.000	1.000	0.000	0.000	1.000	0.000
BHAR[−1, 1]	0.000	−0.002	0.003	0.000	−0.002	−0.005	0.005	0.000
BHAR[−2, 2]	0.002	−0.002	0.005	0.000	−0.001	−0.005	0.006	0.000
BHAR[−3, 3]	0.003	−0.003	0.006	−0.001	−0.001	−0.006	0.007	0.000
BHAR[−5, 5]	0.005	−0.003	0.008	0.000	0.001	−0.006	0.007	0.000
BHAR[−10, 10]	0.007	−0.005	0.011	−0.001	0.003	−0.009	0.009	0.000
Surprise	−0.002	0.000	0.005	0.002	−0.009	−0.004	0.014	0.000
Analyst	12.247	9.000	12.269	9.000	12.225	9.000	0.044	0.855
GVT	0.586	1.000	0.582	1.000	0.590	1.000	−0.008	0.470
ROA	0.055	0.047	0.056	0.047	0.054	0.046	0.001	0.234
ETP	0.042	0.035	0.042	0.036	0.041	0.034	0.001	0.531
Size	22.782	22.568	22.763	22.584	22.802	22.557	−0.039	0.245
MTB	2.748	2.075	2.787	2.102	2.710	2.053	0.077	0.240
Leverage	0.485	0.489	0.483	0.486	0.486	0.492	−0.003	0.509
CFO	0.068	0.064	0.069	0.066	0.067	0.063	0.002	0.591
Prior stock return	0.032	0.006	0.032	0.009	0.032	0.003	0.001	0.884

Note(s): This table presents the summary statistics for the matched sample. We match each MBE firm with a non-MBE firm based on Analyst, GVT, ROA, ETP, Size, MTB, Leverage, CFO, Prior stock return, year and industry using one-to-one nearest neighbor matching without replacement and with a small caliper value of 0.01

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