Table 1

Descriptive statistics.

Variables N Mean Std Min Max
lnEC 28,907 0.9579 13.9469 0 2357.347
lnBC 28,907 0.0080 0.1002 0 3.2189
Lev 28,321 0.4254 0.2125 0.0474 1.0359
ROA 28,321 0.0319 0.1063 −0.5576 0.2896
Cashflow 28,321 0.0490 0.0872 −0.2578 0.3374
Top1 28,321 0.3329 0.1504 0 1.7776
ListAge 28,321 2.1553 0.7300 0.6931 3.5223

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