- New Equity/Total Assets0.08 0.20 0.00 0.00 0.05 3,880 log(Employment)7.46 2.32 6.09 7.45 8.94 3,880
- Total Debt/Total Assets0.20 0.14 0.09 0.19 0.27 3,880 Cash/Total Assets0.11 0.10 0.03 0.07 0.15 3,880 Notes: Q1, Q2, and Q3 are the first, second and third quartiles, respectively.N is the number of firm-years.R&D/TAis the ratio of R&D expenditures to total assets.
- New Equity/Total Assetsis the ratio of new equity issue to total assets. log(Employment) is the natural logarithm of the number of employees.Total Debt/Total Assetsis the ratio of total debt to total assets.Cash/Total Assetsis the ratio of cash and equivalents to total assets. 28 Table 2: IV Tobit Results, basi
- Total Debt/Total Assetsis the ratio of total debt to total assets.Cash/Total Assetsis the ratio of cash and equivalents to total assets. Firm deviations is the test of joint significance of industry dummy variables interacted with panel data forecast errors (p-value reported). Cluster-robust standard errors (by firm) in parentheses. * p≤0.10, ** p≤0.05, *** p≤0.01. A constant, time dummy variable
- Total Debt/Total Assetsis the ratio of total debt to total assets.Cash/Total Assetsis the ratio of cash and equivalents to total assets. Firm deviations is the test of joint significance of industry dummy variables interacted with panel data forecast errors (p-value reported). Cluster-robust standard errors (by firm) in parentheses. * p≤0.10, ** p≤0.05, *** p≤0.01. A constant, time dummy variable
- New Equity/Total Assetsis the ratio of new equity issue to total assets. log(Employment) is the natural logarithm of the number of employees.Total Debt/Total Assetsis the ratio of total debt to total assets.Cash/Total Assetsis the ratio of cash and equivalents to total assets. Firm deviations is the test of joint significance of industry dummy variables interacted with panel data forecast
- Total Debt/Total Assetsis the ratio of total debt to total assets.Cash/Total Assetsis the ratio of cash and equivalents to total assets. Firm deviations is the test of joint significance of industry dummy variables interacted with panel data forecast errors (p-value reported). Cluster-robust standard errors (by firm) in parentheses. * p≤0.10, ** p≤0.05, *** p≤0.01. A constant, time dummy variable
- New Equity/Total Assetsis the ratio of new equity issue to total assets. log(Employment) is the natural logarithm of the number of employees.Total Debt/Total Assetsis the ratio of total debt to total assets.Cash/Total Assetsis the ratio of cash and equivalents to total assets. Firm deviations is the test of joint significance of industry dummy variables interacted with panel data forecast