Table 1.
Descriptive statistics of CARs and control variables.
| Variable | N | Mean | SD | 25th perc. | Median | 75th perc. |
|---|---|---|---|---|---|---|
| Panel 1: First case | ||||||
| CAR [−1,1] | 866 | −0.04% | 2.51% | −1.36% | 0.17% | 1.29% |
| CAR [−1,5] | 866 | −0.14% | 4.23% | −2.43% | 0.15% | 2.42% |
| CAR [−1,10] | 866 | −0.64% | 6.48% | −4.22% | −0.37% | 2.89% |
| Panel 2: First death | ||||||
| CAR [−1,1] | 867 | −0.32% | 4.16% | −2.90% | −0.35% | 2.01% |
| CAR [−1,5] | 867 | −1.69% | 9.02% | −7.81% | −0.79% | 4.69% |
| CAR [−1,10] | 867 | −4.42% | 13.88% | −15.31% | −4.34% | 6.17% |
| Panel 3: Fiscal policy measure | ||||||
| CAR [−1,1] | 835 | −1.22% | 7.48% | −7.76% | −1.16% | 4.52% |
| CAR [−1,5] | 835 | −0.56% | 10.22% | −7.94% | −0.42% | 7.08% |
| CAR [−1,10] | 835 | −2.60% | 11.15% | −9.69% | −1.81% | 4.81% |
| Panel 4: Monetary policy measure | ||||||
| CAR [−1,1] | 771 | 0.12% | 7.26% | −5.53% | 0.11% | 5.83% |
| CAR [−1,5] | 771 | 1.24% | 8.65% | −4.42% | 1.44% | 7.46% |
| CAR [−1,10] | 771 | −0.42% | 9.79% | −6.42% | 0.61% | 6.28% |
| Panel 5: Control variables | ||||||
| Assets | 867 | $89m | $180m | $9.75m | $23.9m | $69.1m |
| Dividend yield (DY) | 867 | 3.05% | 2.59% | 1% | 2.54% | 4.51% |
| Institutional ownership (INST) | 866 | 67% | 26% | 45.7% | 73.6% | 88.9% |
| Liquidity (LIQ) | 710 | 34% | 18.8% | 20.6% | 31% | 47.1% |
| Market-to-book ratio (MTB) | 858 | 3.4 | 4.8 | 1 | 2.1 | 4.6 |
| Tangible (TAN) | 861 | 33.3% | 19.6% | 18.9% | 32.8% | 46.7% |
| Total leverage (TLEV) | 867 | 27.9% | 16.3% | 16% | 27.3% | 39.4% |
| Profit margin (PROF) | 867 | 17.4% | 11.3% | 8.9% | 15% | 23.1% |
| Return on equity (ROE) | 837 | 18.8% | 18.2% | 8.1% | 14.1% | 25.6% |
| Volatility (Vola) | 863 | 5.8% | 1.9% | 5% | 6% | 7% |
Remark: This table reports descriptive statistics of our winsorized variables. All figures of control variables are calculated from the 2019 year-end accounting figures. See Appendix II for further details.