Table 3.

Comparison of hire cohort characteristics.

This table shows the average age as of hire date, average salary, and gender composition at each company among employees who were hired in the twelfth month prior to Roth introduction or in the month after Roth introduction. The change in these variables between the before and after cohorts is also reported, with standard errors in parentheses. Salary is in 2005 dollars, deflated by CPI-W. The last column shows the number of employees in the before and after cohorts combined. Salaries are calculated using fewer employees than in the last column because of missing data.

Company	Age (years)			Salary			Percent male			N
	Before Roth	After Roth	Change	Before Roth	After Roth	Change	Before Roth	After Roth	Change
A	36.4	33.7	−2.75** (0.74)	$83,192	$65,121	−$18,071** (3420)	47.6%	44.7%	2.91% (4.07)	603
B	36.8	38.3	1.54 (2.20)	$62,684	$67,462	4778 (6981)	38.4%	48.6%	10.22 (9.73)	108
C	35.0	37.3	2.26**(0.83)	$39,133	$41,183	2050 (3304)	58.9%	46.7%	−12.12** (3.90)	652
D	31.2	29.5	−1.69 (0.94)	$184,811	$160,114	−24,697 (30,906)	60.6%	68.4%	7.83 (6.37)	226
E	35.9	36.1	0.21 (1.06)	$59,908	$66,787	6879 (5953)	58.0%	54.9%	−3.08 (4.74)	444
F	38.7	36.5	−2.21 (1.40)	N/A	N/A	N/A	46.9%	48.8%	1.92 (5.98)	285
G	33.6	33.1	−0.51 (0.77)	N/A	N/A	N/A	39.1%	42.2%	3.13 (3.55)	775
H	34.4	33.2	−1.18 (0.74)	$66,492	$78,773	12,281**(3401)	58.2%	58.9%	0.70 (3.44)	904
I	35.5	37.7	2.28 (2.36)	$55,814	$74,345	18,531*(7240)	64.3%	50.0%	−14.34 (11.19)	151
J	36.3	37.9	1.57*(0.68)	$59,479	$62,280	2800 (1812)	71.5%	74.6%	3.07 (2.52)	1334
K	35.8	38.1	2.31 (2.85)	N/A	N/A	N/A	64.3%	42.9%	−21.43*(12.10)	70

^*Significant at 5% level.

^**Significant at 1% level.