Table 1 Descriptive statistics Variable...

Table 1

Descriptive statistics

Variable	Mean	Std. Dev	p25	Median	p75
Panel A: Summary statistics – “recent” sample
Dependent Variable
FE	0.561	1.312	0.058	0.171	0.486
Independent Variables
HRE	0.244	0.429	0	0	0
COVID	0.697	0.459	0	1	1
Control Variables
SIZE	8.774	1.935	7.484	8.747	10.023
ANALYSTS_ISSUING	12.418	7.131	7	11	17
DURATION	5.383	4.222	2	4	8
BAD_NEWS	0.242	0.428	0	0	0
LEV	0.326	0.205	0.164	0.321	0.462
FCF	−0.037	0.155	−0.108	−.029	0.041
KZINDEX	−1752.203	32090.798	−3271.525	−466.521	107.875
INVESTMENT	0.043	0.060	0.007	0.023	0.054
BTM	0.428	0.396	0.146	0.300	0.589
IND_EXPERIENCE	8.273	5.389	4	7	11
Cross-Sectional Test Variables
HIGH INTENSITY	0.200	0.400	0	0	0
PANDEMIC	0.665	0.472	0	1	1
NEGATIVE SENTIMENT	0.243	0.429	0	0	0
CONCENTRATION	0.217	0.412	0	0	0
ANALYST_FOLLOWING	0.172	0.378	0	0	0
Panel B: Summary statistics – “all” sample
Dependent Variable
FE	0.598	1.290	0.063	0.188	0.543
Independent Variables
HRE	0.237	0.426	0	0	0
COVID	0.713	0.452	0	1	1
Control Variables
SIZE	9.014	1.959	7.683	8.934	10.287
ANALYSTS_ISSUING	12.757	6.943	7	12	17
DURATION	5.531	4.286	2	4	8
BAD_NEWS	0.254	0.435	0	0	1
LEV	0.325	0.206	0.161	0.320	0.462
FCF	−0.034	0.160	−0.107	−0.027	0.044
KZINDEX	1502.226	41885.506	−3185.478	−402.188	315.653
INVESTMENT	0.041	0.058	0.006	0.021	0.052
BTM	0.448	0.406	0.154	0.318	0.630
IND_EXPERIENCE	8.352	5.399	4	7	12
Cross-Sectional Test Variables
HIGH INTENSITY	0.208	0.406	0	0	0
PANDEMIC	0.658	0.474	0	1	1
NEGATIVE SENTIMENT	0.239	0.427	0	0	0
CONCENTRATION	0.219	0.413	0	0	0
ANALYST_FOLLOWING	0.202	0.402	0	0	0

Variable	Mean	Std. Dev	p25	Median	p75
Panel A: Summary statistics – “recent” sample
Dependent Variable
FE	0.561	1.312	0.058	0.171	0.486
Independent Variables
HRE	0.244	0.429	0	0	0
COVID	0.697	0.459	0	1	1
Control Variables
SIZE	8.774	1.935	7.484	8.747	10.023
ANALYSTS_ISSUING	12.418	7.131	7	11	17
DURATION	5.383	4.222	2	4	8
BAD_NEWS	0.242	0.428	0	0	0
LEV	0.326	0.205	0.164	0.321	0.462
FCF	−0.037	0.155	−0.108	−.029	0.041
KZINDEX	−1752.203	32090.798	−3271.525	−466.521	107.875
INVESTMENT	0.043	0.060	0.007	0.023	0.054
BTM	0.428	0.396	0.146	0.300	0.589
IND_EXPERIENCE	8.273	5.389	4	7	11
Cross-Sectional Test Variables
HIGH INTENSITY	0.200	0.400	0	0	0
PANDEMIC	0.665	0.472	0	1	1
NEGATIVE SENTIMENT	0.243	0.429	0	0	0
CONCENTRATION	0.217	0.412	0	0	0
ANALYST_FOLLOWING	0.172	0.378	0	0	0
Panel B: Summary statistics – “all” sample
Dependent Variable
FE	0.598	1.290	0.063	0.188	0.543
Independent Variables
HRE	0.237	0.426	0	0	0
COVID	0.713	0.452	0	1	1
Control Variables
SIZE	9.014	1.959	7.683	8.934	10.287
ANALYSTS_ISSUING	12.757	6.943	7	12	17
DURATION	5.531	4.286	2	4	8
BAD_NEWS	0.254	0.435	0	0	1
LEV	0.325	0.206	0.161	0.320	0.462
FCF	−0.034	0.160	−0.107	−0.027	0.044
KZINDEX	1502.226	41885.506	−3185.478	−402.188	315.653
INVESTMENT	0.041	0.058	0.006	0.021	0.052
BTM	0.448	0.406	0.154	0.318	0.630
IND_EXPERIENCE	8.352	5.399	4	7	12
Cross-Sectional Test Variables
HIGH INTENSITY	0.208	0.406	0	0	0
PANDEMIC	0.658	0.474	0	1	1
NEGATIVE SENTIMENT	0.239	0.427	0	0	0
CONCENTRATION	0.219	0.413	0	0	0
ANALYST_FOLLOWING	0.202	0.402	0	0	0

Note(s): This table presents summary statistics for the sample firms. The sample spans the period 2019-2023. Panel A reports summary statistics for the “Recent” sample (N = 136,836), and Panel B reports summary statistics for the “All” sample (N = 194,980). All continuous variables are winsorized at the 1 percent and 99 percent levels. All variables are described in Appendix

Source(s): Table 1 by authors

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