Table 3 Statistics on each portfolio...

Table 3

Statistics on each portfolio group

Rank	Low 20	2	3	4	Top 20	Average	% low 20	% top 20
Full Sample (2015Q1−2021Q4)
MVE	119.856	586.232	1632.317	4596.022	53615.500	12109.300	0.990	37.954
BLEV	0.319	0.320	0.326	0.346	0.350	0.332	0.962	104.169
MLEV	0.337	0.281	0.253	0.227	0.195	0.259	1.302	87.708
ATQ	404.374	1069.561	2149.258	4500.538	34615.440	8547.399	0.047	52.654
DLCQ	32.803	35.932	64.309	141.255	1491.294	353.100	0.093	40.004
DLTTQ	190.368	453.408	820.113	1624.143	10472.700	2712.016	0.070	59.887
PreCOVID (2018Q3 – 2020Q1)
MVE	111.223	584.162	1638.420	4585.454	51667.910	11021.240	0.010	41.606
BLEV	0.341	0.336	0.352	0.353	0.357	0.347	0.983	101.631
MLEV	0.381	0.313	0.281	0.242	0.202	0.289	1.317	83.626
ATQ	478.049	1234.984	2367.887	4908.491	35046.540	8308.026	0.058	59.081
DLCQ	40.569	46.871	83.651	179.764	1639.375	376.483	0.108	47.748
DLTTQ	221.392	520.432	937.138	1787.401	10850.380	2705.126	0.082	66.075
COVID (2021Q2 – 2021Q4)
MVE	122.510	576.166	1650.278	4663.762	66609.920	16769.450	0.007	27.811
BLEV	0.317	0.353	0.357	0.356	0.362	0.349	0.909	101.852
MLEV	0.325	0.300	0.273	0.221	0.183	0.257	1.265	86.042
ATQ	341.114	1067.613	2284.881	4393.959	35342.740	9742.039	0.035	45.103
DLCQ	21.474	37.135	82.328	161.526	1344.231	369.656	0.058	43.696
DLTTQ	143.852	467.338	935.157	1662.529	11518.000	3284.941	0.044	50.611

Rank	Low 20	2	3	4	Top 20	Average	% low 20	% top 20
Full Sample (2015Q1−2021Q4)
MVE	119.856	586.232	1632.317	4596.022	53615.500	12109.300	0.990	37.954
BLEV	0.319	0.320	0.326	0.346	0.350	0.332	0.962	104.169
MLEV	0.337	0.281	0.253	0.227	0.195	0.259	1.302	87.708
ATQ	404.374	1069.561	2149.258	4500.538	34615.440	8547.399	0.047	52.654
DLCQ	32.803	35.932	64.309	141.255	1491.294	353.100	0.093	40.004
DLTTQ	190.368	453.408	820.113	1624.143	10472.700	2712.016	0.070	59.887
PreCOVID (2018Q3 – 2020Q1)
MVE	111.223	584.162	1638.420	4585.454	51667.910	11021.240	0.010	41.606
BLEV	0.341	0.336	0.352	0.353	0.357	0.347	0.983	101.631
MLEV	0.381	0.313	0.281	0.242	0.202	0.289	1.317	83.626
ATQ	478.049	1234.984	2367.887	4908.491	35046.540	8308.026	0.058	59.081
DLCQ	40.569	46.871	83.651	179.764	1639.375	376.483	0.108	47.748
DLTTQ	221.392	520.432	937.138	1787.401	10850.380	2705.126	0.082	66.075
COVID (2021Q2 – 2021Q4)
MVE	122.510	576.166	1650.278	4663.762	66609.920	16769.450	0.007	27.811
BLEV	0.317	0.353	0.357	0.356	0.362	0.349	0.909	101.852
MLEV	0.325	0.300	0.273	0.221	0.183	0.257	1.265	86.042
ATQ	341.114	1067.613	2284.881	4393.959	35342.740	9742.039	0.035	45.103
DLCQ	21.474	37.135	82.328	161.526	1344.231	369.656	0.058	43.696
DLTTQ	143.852	467.338	935.157	1662.529	11518.000	3284.941	0.044	50.611

Note(s): Five portfolios are created based on the market value of firms. We sort all stocks into five quintiles based on the market value of equity. Market value of equity is defined as the stock price times the number of shares outstanding. The top 20 consist of the first 20% most valued firms while the low 20 refers to the bottom 20% less valued firms. In between these two groups are three different groups following the same logic. Table 3 reports the statistics for the leverage and asset position of each group

Source(s): Table by authors

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