closest ROA during quarter For ROA+SG matching we arrange all same-industry firms during quarter into t-4. t-4 five ROA quintiles and choose the matching firm that has the closest SG from quarter to in the relevant quintile. t-4 t We calculate ROA as the net income divided by total assets, and SG as the sales during quarter divided by sales t during quarter minus one. Only employee growth is calculated using Compustat annual data, and it is over a t-4 period ending the fiscal year before the current quarter All accrual measures and partitioning variables are t. winsorized at the 1% and 99% levels. This table presents descriptive statistics only for the aggregate sample of 203,090 firm-quarters.
closest ROA during quarter t-4. For ROA+SG matching we arrange all same-industry firms during quarter t-4 into five ROA quintiles and choose the matching firm that has the closest SG from quarter t-4 to t in the relevant quintile. We calculate ROA as the net income divided by total assets, and SG as the sales during quarter t divided by sales during quarter t-4 minus one. Only employee growth is calculated using Compustat annual data, and it is over a period ending the fiscal year before the current quarter t. All accrual measures and partitioning variables are winsorized at the 1% and 99% levels. This table presents descriptive statistics only for the aggregate sample of 203,090 firm-quarters.
CPV%2010-31-11.docx