Panel C: Distribution by Year Year Number Percent 1,146 1.08% 1969 1970 1,290 1.21% 1,418 1.33% 1971 1972 1,491 1.40% 1,550 1.46% 1973 1974 2,094 1.97% 2,093 1.97% 1975 1976 2,125 2.00% 1977 2,185 2.06% 1978 2,347 2.21% 1979 2,411 2.27% 1980 2,465 2.32% 1981 2,439 2.30% 2,442 2.30% 1982 1983 2,550 2.40% 1984 2,640 2.48% 1985 2,647 2.49% 2,575 2.42% 1986 1987 2,533 2.38% 2,498 2.35% 1988 1989 2,446 2.30% 2,422 2.28% 1990 1991 2,264 2.13% 2,375 2.24% 1992 1993 2,579 2.43% 2,910 2.74% 1994 1995 3,114 2.93% 3,290 3.10% 1996 1997 3,408 3.21% 3,526 3.32% 1998 1999 3,278 3.09% 2000 3,099 2.92% 2001 2,804 2.64% 2,752 2.59% 2002 2003 2,489 2.34% 2004 2,642 2.49% 2,544 2.39% 2005 2006 2,449 2.31% 2007 2,401 2.26% 2008 2,263 2.13% 2,002 1.88% 2009 2010 2,037 1.92% 2,045 1.92% 2011 2012 2,166 2.04% 106,244 100% Total Table 1 describes our sample. Panel A outlines our sample selection criteria. Panel B classifies our sample by industry groups. Industry groups are formed according to Fama and French (1997) 17 industry classifications. Panel C describes the frequency of sample observations by fiscal year. Table 2
Panel C: Distribution by Year Year Number Percent 1969 1,146 1.08% 1970 1,290 1.21% 1971 1,418 1.33% 1972 1,491 1.40% 1973 1,550 1.46% 1974 2,094 1.97% 1975 2,093 1.97% 1976 2,125 2.00% 1977 2,185 2.06% 1978 2,347 2.21% 1979 2,411 2.27% 1980 2,465 2.32% 1981 2,439 2.30% 1982 2,442 2.30% 1983 2,550 2.40% 1984 2,640 2.48% 1985 2,647 2.49% 1986 2,575 2.42% 1987 2,533 2.38% 1988 2,498 2.35% 1989 2,446 2.30% 1990 2,422 2.28% 1991 2,264 2.13% 1992 2,375 2.24% 1993 2,579 2.43% 1994 2,910 2.74% 1995 3,114 2.93% 1996 3,290 3.10% 1997 3,408 3.21% 1998 3,526 3.32% 1999 3,278 3.09% 2000 3,099 2.92% 2001 2,804 2.64% 2002 2,752 2.59% 2003 2,489 2.34% 2004 2,642 2.49% 2005 2,544 2.39% 2006 2,449 2.31% 2007 2,401 2.26% 2008 2,263 2.13% 2009 2,002 1.88% 2010 2,037 1.92% 2011 2,045 1.92% 2012 2,166 2.04% Total 106,244 100% Table 1 describes our sample. Panel A outlines our sample selection criteria. Panel B classifies our sample by industry groups. Industry groups are formed according to Fama and French (1997) 17 industry classifications. Panel C describes the frequency of sample observations by fiscal year. Table 2