Panel C. Covariate balance for fully treated vs. partly treated firms. Comparison of 857 fully treated to 564 partly treated firms. Firm Characteristic Fully Treated Partly treated Norm. Diff. t-stat ln(Assets) 7.07 8.63 18.97*** ln(Sales) 6.46 8.06 17.77*** ln(Market Cap) 7.14 8.68 22.46*** ln(Book Value of Debt) 6.27 8.01 16.95*** Tobin's q 2.27 2.20 0.77 Interest (% of Shares 4.00 3.13 4.01*** Outstanding) Sales Growth (%) 1.21 1.16 0.80 PPE/Assets 0.22 0.24 1.68* 0.04 0.04 0.62 1.61 0.08 1.42 EBIT/Assets 0.07 0.10 4.66*** EBIT/Sales -0.86 -0.75 0.11 Advertising/Sales 0.03 0.03 0.43 Debt/Equity 0.39 0.40 0.05 Debt/Assets 0.22 0.24 1.72* Market/Book Ratio 3.96 5.43 1.01 Market/Sales Ratio 14.96 68.08 0.99 Trading Volume (shares) 160,440 350,671 11.06***
Panel C. Covariate balance for fully treated vs. partly treated firms. Comparison of 857 fully treated to 564 partly treated firms. Firm Characteristic Fully Treated Partly treated Norm. Diff. t-stat ln(Assets) 7.07 8.63 18.97*** ln(Sales) 6.46 8.06 17.77*** ln(Market Cap) 7.14 8.68 22.46*** ln(Book Value of Debt) 6.27 8.01 16.95*** Tobin's q 2.27 2.20 0.77 Interest (% of Shares Outstanding) 4.00 3.13 4.01*** Sales Growth (%) 1.21 1.16 0.80 PPE/Assets 0.22 0.24 1.68* 0.04 0.04 0.62 1.61 0.08 1.42 EBIT/Assets 0.07 0.10 4.66*** EBIT/Sales -0.86 -0.75 0.11 Advertising/Sales 0.03 0.03 0.43 Debt/Equity 0.39 0.40 0.05 Debt/Assets 0.22 0.24 1.72* Market/Book Ratio 3.96 5.43 1.01 Market/Sales Ratio 14.96 68.08 0.99 Trading Volume (shares) 160,440 350,671 11.06***
BLACK%20BURTONLitvak-black-Busted-SEC-Experiment-2017-10-22-clean-for-Colum-B-School.docx