Replication Data for: Competition and Certification: Theory and Evidence from the Audit Market (doi:10.7910/DVN/Z03NDE)

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Part 1: Document Description
Part 2: Study Description
Part 3: Data Files Description
Part 4: Variable Description
Part 5: Other Study-Related Materials
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Document Description
Citation
Title:	Replication Data for: Competition and Certification: Theory and Evidence from the Audit Market
Identification Number:	doi:10.7910/DVN/Z03NDE
Distributor:	Harvard Dataverse
Date of Distribution:	2024-01-03
Version:	1
Bibliographic Citation:	Geng, Heng; Zhang, Cheng; Zhou, Frank, 2024, "Replication Data for: Competition and Certification: Theory and Evidence from the Audit Market", https://doi.org/10.7910/DVN/Z03NDE, Harvard Dataverse, V1, UNF:6:B7ZXtd266Sz4Oo4QMxtUsA== [fileUNF]
Study Description
Citation
Title:	Replication Data for: Competition and Certification: Theory and Evidence from the Audit Market
Identification Number:	doi:10.7910/DVN/Z03NDE
Authoring Entity:	Geng, Heng (Victoria University of Wellington)
	Zhang, Cheng (University of Denver)
	Zhou, Frank (University of Pennsylvania)
Distributor:	Harvard Dataverse
Access Authority:	Geng, Heng
Access Authority:	Zhang, Cheng
Access Authority:	Zhou, Frank
Depositor:	Heng (Griffin) Geng, Cheng Zhang, and Frank S. Zhou
Date of Deposit:	2024-01-02
Holdings Information:	https://doi.org/10.7910/DVN/Z03NDE
Study Scope
Keywords:	Business and Management
Abstract:	The package includes a STATA do file that generates the tables and figures in the article titled "Competition and Certification: Theory and Evidence from the Audit Market." Recognizing that not all data is publicly available, we provide pseudo-observations of the merged dataset to facilitate understanding of the code's structure, in accordance with the code-sharing policy of the RCFS.
Methodology and Processing
Sources Statement
Data Access
Other Study Description Materials
Related Publications
Citation
Title:	Heng (Griffin) Geng, Cheng Zhang, and Frank S. Zhou, Competition and Certification: Theory and Evidence from the Audit Market, Forthcoming, Review of Corporate Finance Studies.
Bibliographic Citation:	Heng (Griffin) Geng, Cheng Zhang, and Frank S. Zhou, Competition and Certification: Theory and Evidence from the Audit Market, Forthcoming, Review of Corporate Finance Studies.
File Description--f8079369
File: audit_placebosamp.tab
	Number of cases: 1531 No. of variables per record: 35 Type of File: text/tab-separated-values
Notes:	UNF:6:6eTlikRgUpzQ8uuvAvJHCg==
File Description--f8079361
File: audit_psmsample_firm.tab
	Number of cases: 672 No. of variables per record: 11 Type of File: text/tab-separated-values
Notes:	UNF:6:2iNHB8ZCpBQKMYFZu5Zrpw==
File Description--f8079368
File: audit_psmsample_main.tab
	Number of cases: 1034 No. of variables per record: 24 Type of File: text/tab-separated-values
Notes:	UNF:6:CBT/UdYX9/OALssITobBTQ==
File Description--f8079362
File: audit_sampxs_analy.tab
	Number of cases: 835 No. of variables per record: 22 Type of File: text/tab-separated-values
Notes:	UNF:6:zOKe2jDW6lNuShVn2W77hQ==
File Description--f8079366
File: audit_sampxs_cfo.tab
	Number of cases: 798 No. of variables per record: 22 Type of File: text/tab-separated-values
Notes:	UNF:6:PBkQN200vHkkSx9/NWWz2Q==
File Description--f8079365
File: audit_sampxs_impt.tab
	Number of cases: 951 No. of variables per record: 22 Type of File: text/tab-separated-values
Notes:	UNF:6:m3sCMbQsD+F3ZSsw6vGwNA==
File Description--f8079370
File: audit_samp_figure.tab
	Number of cases: 6 No. of variables per record: 5 Type of File: text/tab-separated-values
Notes:	UNF:6:s9rsD1pCwaDbthREokZNcQ==
File Description--f8079371
File: audit_samp_postmatching_yr2001.tab
	Number of cases: 332 No. of variables per record: 7 Type of File: text/tab-separated-values
Notes:	UNF:6:e36wianWuTsfm0ou1Zh4uQ==
File Description--f8079363
File: audit_samp_prematching_yr2001.tab
	Number of cases: 325 No. of variables per record: 7 Type of File: text/tab-separated-values
Notes:	UNF:6:XBVhHDs2zi+o96XMPI3SVQ==
File Description--f8079364
File: audit_samp_psm_aq_firmlevel.tab
	Number of cases: 1392 No. of variables per record: 16 Type of File: text/tab-separated-values
Notes:	UNF:6:sTX6W/bhsbYhrlTwXvWqlw==
File Description--f8079372
File: msa_validitytest.tab
	Number of cases: 12 No. of variables per record: 4 Type of File: text/tab-separated-values
Notes:	UNF:6:cERsjgScvMUUaAIwczJGLw==
File Description--f8079367
File: samp_validity_fee.tab
	Number of cases: 207 No. of variables per record: 13 Type of File: text/tab-separated-values
Notes:	UNF:6:sfwUOS4o955JIz2l/ezz7Q==
Variable Description
List of Variables:	cik - Company fkey permno - Historical CRSP PERMNO Link to COMPUSTAT Record gvkey - Standard and Poor's Identifier fyear - Fiscal year of opinion treat_post2006 treat_post2007 treat_post2008 treat_post2009 treat_post2010 treat post2006 post2007 post2008 post2009 post2010 lspread - log loan spread loan_size - loan size lmaturity - log loan maturity i_syndicate - syndicate loan lat - log total asset roa - return on assets tang - tangible assets lever - leverage mb - market-book ratio cf_vol - cashflow volatility auditfee - audit fee/at zscore - altman zscore msa - MSA siccd - Standard Industrial Classification Code state - State/Province city - Auditor city lender - Lender shuffle flag - tag(gvkey) keeper firm_id - pseudo firm identifier fyear - Fiscal year of opinion lat - log total asset roa - return on assets tang - tangible assets lever - leverage mb - market-book ratio cf_vol - cashflow volatility auditfee - audit fee/at zscore - altman zscore siccd - Standard Industrial Classification Code firm_id - pseudo firm identifier fyear - Fiscal year of opinion year - calender year lspread - log loan spread loan_size - loan size lmaturity - log loan maturity i_syndicate - syndicate loan lat - log total asset roa - return on assets tang - tangible assets lever - leverage mb - market-book ratio cf_vol - cashflow volatility auditfee - audit fee/at zscore - altman zscore treat post msa - MSA siccd - Standard Industrial Classification Code state - State/Province city - Auditor city lender - Lender num_fincov - number of fin covenants pviol - prob of fin covenant violation firm_id - pseudo firm identifier treat fyear - Fiscal year of opinion post analy_treat - more analyst following dummy lspread - log loan spread loan_size - loan size lmaturity - log loan maturity i_syndicate - syndicate loan lat - log total asset roa - return on assets tang - tangible assets lever - leverage mb - market-book ratio cf_vol - cashflow volatility auditfee - audit fee/at zscore - altman zscore msa - MSA siccd - Standard Industrial Classification Code state - State/Province city - Auditor city lender - Lender firm_id - pseudo firm identifier treat fyear - Fiscal year of opinion post cfo_treat - higher operating cash flow dummy lspread - log loan spread loan_size - loan size lmaturity - log loan maturity i_syndicate - syndicate loan lat - log total asset roa - return on assets tang - tangible assets lever - leverage mb - market-book ratio cf_vol - cashflow volatility auditfee - audit fee/at zscore - altman zscore msa - MSA siccd - Standard Industrial Classification Code state - State/Province city - Auditor city lender - Lender firm_id - pseudo firm identifier treat fyear - Fiscal year of opinion post impt_treat - more important firm dummy lspread - log loan spread loan_size - loan size lmaturity - log loan maturity i_syndicate - syndicate loan lat - log total asset roa - return on assets tang - tangible assets lever - leverage mb - market-book ratio cf_vol - cashflow volatility auditfee - audit fee/at zscore - altman zscore msa - MSA siccd - Standard Industrial Classification Code state - State/Province city - Auditor city lender - Lender b - estimated coefficient LB - lower bound UB - upper bound fyear - fyear post firm_id - pseudo firm identifier lat - log total asset roa - return on assets tang - tangible assets da - discretionary accruals dummy_res - accounting restatement wth negative impacts treat firm_id - pseudo firm identifier lat - log total asset roa - return on assets tang - tangible assets da - discretionary accruals dummy_res - accounting restatement wth negative impacts treat firm_id - pseudo firm identifier da - discretional accrual fyear dummy_res - accounting restatement wth negative impacts ldummy_res - lag accounting restatement wth negative impacts amihud_orig - amihud original amihud_ref - amihud refined treat post lat - log total asset roa - return on assets lever - leverage mb - market-book ratio auditfee - audit fee/at msa - MSA siccd - Standard Industrial Classification Code msa - msa treat d_msa_comp - HHI change from 2001 to 2002 d_msa_switch - Audit switch freq change from 2001 to 2002 firm_id - pseudo firm identifier fee_gratio - changes in audit fees treat lat - log total asset nsegment - industry segment numbers lever - leverage roa - return on assets arin - inventory dummy_audit_chg - auditor change dummy big4 - Big 4 auditors dummy dummy_foreign - foreign sales dummy siccd - Standard Industrial Classification Code msa - msa
Variables
Company fkey
f8079369 Location:	Variable Format: character Notes: UNF:6:sBFVq6f90Y87moJeLzU+JQ==
Historical CRSP PERMNO Link to COMPUSTAT Record
f8079369 Location:	Summary Statistics: Min. 10001.0; Mean 63578.90267798796; Max. 92923.0; Valid 1531.0; StDev 24922.22721900841; Variable Format: numeric Notes: UNF:6:qkqYvQnzCKqVLENrXZTVCA==
Standard and Poor's Identifier
f8079369 Location:	Variable Format: character Notes: UNF:6:ecdZh6Naxlw4+REYmV+mSg==
Fiscal year of opinion
f8079369 Location:	Summary Statistics: Valid 1531.0; Mean 2003.7766165904638; Min. 2000.0; Max. 2011.0; StDev 2.990792282940855 Variable Format: numeric Notes: UNF:6:YmgAQu9rdfh4w5XUr5QLkA==
treat_post2006
f8079369 Location:	Summary Statistics: Min. 0.0; StDev 0.3134718849202754; Valid 1531.0; Max. 1.0; Mean 0.11038536903984333 Variable Format: numeric Notes: UNF:6:fmLG5GQt7J7pPkTOmOU59g==
treat_post2007
f8079369 Location:	Summary Statistics: Max. 1.0; Min. 0.0; StDev 0.28077763529264266; Valid 1531.0; Mean 0.08621815806662304 Variable Format: numeric Notes: UNF:6:pCThQcmnD6USdqHQWPqb5w==
treat_post2008
f8079369 Location:	Summary Statistics: Min. 0.0; Max. 1.0; Mean 0.05617243631613322; StDev 0.2303296450951981; Valid 1531.0 Variable Format: numeric Notes: UNF:6:M1l9G/YytBimStgkxk9iFA==
treat_post2009
f8079369 Location:	Summary Statistics: Max. 1.0; Mean 0.04506858262573477; Valid 1531.0; Min. 0.0; StDev 0.2075223711049854 Variable Format: numeric Notes: UNF:6:Yd7XbEGkJeCYeE6jMkA5zw==
treat_post2010
f8079369 Location:	Summary Statistics: Max. 1.0; Valid 1531.0; Mean 0.024820378837361178; Min. 0.0; StDev 0.15562823475742593 Variable Format: numeric Notes: UNF:6:t5hRKwUNjUBaLBtUUtCxzw==
treat
f8079369 Location:	Summary Statistics: Valid 1531.0; Mean 0.48922273024167096; Min. 0.0; StDev 0.5000471710095326; Max. 1.0 Variable Format: numeric Notes: UNF:6:WQKOIZyeMMSpFyfhT12nvA==
post2006
f8079369 Location:	Summary Statistics: Min. 0.0; Mean 0.22926192031352102; StDev 0.420495401861784; Valid 1531.0; Max. 1.0; Variable Format: numeric Notes: UNF:6:cH9ldLXiczACD3JQhxnkVQ==
post2007
f8079369 Location:	Summary Statistics: Max. 1.0; Valid 1531.0; Min. 0.0; StDev 0.3898830739626372; Mean 0.18680600914434967 Variable Format: numeric Notes: UNF:6:K17kZH+HOrrYwaHrHDkSag==
post2008
f8079369 Location:	Summary Statistics: Max. 1.0; Mean 0.14696276943174383; Valid 1531.0; StDev 0.35418448802023056; Min. 0.0; Variable Format: numeric Notes: UNF:6:7xQmsdW3hrsxwRIssUETdw==
post2009
f8079369 Location:	Summary Statistics: Max. 1.0; StDev 0.32980548843071933; Valid 1531.0; Min. 0.0; Mean 0.12410189418680581; Variable Format: numeric Notes: UNF:6:Hs6IjYjAxeb/bZLz6s6u2w==
post2010
f8079369 Location:	Summary Statistics: Min. 0.0; Max. 1.0; Mean 0.08033964728935346; StDev 0.2719071152720425; Valid 1531.0; Variable Format: numeric Notes: UNF:6:wr3VxNzh8in8zy4lfGYEUw==
log loan spread
f8079369 Location:	Summary Statistics: Mean 5.091844893062454; StDev 0.8187441203602138; Valid 1531.0; Min. 1.6094379425048828; Max. 7.313220500946045 Variable Format: numeric Notes: UNF:6:WvFnEWtTOyoM7I4KQE87fQ==
loan size
f8079369 Location:	Summary Statistics: StDev 0.2888561571779239; Max. 8.673967361450195; Mean 0.1816493756543211; Min. 1.6930022684391588E-4; Valid 1531.0 Variable Format: numeric Notes: UNF:6:vHi/FZ/asvt7+f9i8acUHA==
log loan maturity
f8079369 Location:	Summary Statistics: Min. 0.0; StDev 0.7302695731693427; Valid 1531.0; Mean 3.6085298382947824; Max. 5.4806389808654785 Variable Format: numeric Notes: UNF:6:MiQPk7uSL3Ym/a9bsOOMiw==
syndicate loan
f8079369 Location:	Summary Statistics: Mean 0.9510124101894186; Max. 1.0; Min. 0.0; StDev 0.21591261056603672; Valid 1531.0; Variable Format: numeric Notes: UNF:6:Ka6j3Af9Suw24/CGjaEVfA==
log total asset
f8079369 Location:	Summary Statistics: Valid 1531.0; Min. 1.5392299890518188; Max. 10.993664741516113; StDev 1.6972701664588157; Mean 7.094976843220972 Variable Format: numeric Notes: UNF:6:pfCTy6WNhBbUEYoBWOK1Nw==
return on assets
f8079369 Location:	Summary Statistics: StDev 0.09956879277482661; Min. -0.7525068521499634; Mean 0.11691396452718746; Valid 1531.0; Max. 0.5365232229232788 Variable Format: numeric Notes: UNF:6:9nTlV6jfS0YjRSaKyUYRiw==
tangible assets
f8079369 Location:	Summary Statistics: Mean 0.3116163066560914; Max. 0.934832751750946; StDev 0.22988370680641879; Min. 0.002413297537714243; Valid 1528.0 Variable Format: numeric Notes: UNF:6:L4Rwcp8gNTImdJfg0jXKRA==
leverage
f8079369 Location:	Summary Statistics: Mean 0.30308934226357864; Min. 0.0; Valid 1524.0; StDev 0.1754186549959725; Max. 1.005725383758545 Variable Format: numeric Notes: UNF:6:k0DdKe31nHUiuQXjOiayJA==
market-book ratio
f8079369 Location:	Summary Statistics: Valid 1531.0; StDev 2.1242617825221624; Mean 2.4647607875903947; Min. 0.0; Max. 10.0; Variable Format: numeric Notes: UNF:6:yEbezkEvjQaOdbp5YpUdow==
cashflow volatility
f8079369 Location:	Summary Statistics: Valid 1483.0; Min. 5.392507300712168E-4; Max. 0.24954193830490112; StDev 0.01955366171965906; Mean 0.015315931446406604 Variable Format: numeric Notes: UNF:6:gjQ1Zpc2tC6jDfbsACrHzQ==
audit fee/at
f8079369 Location:	Summary Statistics: Valid 1531.0; Min. 2.5517949325148948E-5; Max. 0.025367723777890205; Mean 0.0014026565739074805; StDev 0.0019394610612788125; Variable Format: numeric Notes: UNF:6:5w4SLm66qQS0WQ2N8EWGsw==
altman zscore
f8079369 Location:	Summary Statistics: StDev 1.4924889588194605; Min. -10.386356353759766; Valid 1475.0; Mean 1.8600291942576215; Max. 12.025528907775879 Variable Format: numeric Notes: UNF:6:jvaYfIXTCDZoGKb7/qZyRA==
MSA
f8079369 Location:	Variable Format: character Notes: UNF:6:4UxYOAts10ATe2mljiHAwA==
Standard Industrial Classification Code
f8079369 Location:	Summary Statistics: Valid 1531.0; Min. 180.0; StDev 1982.2409283107197; Mean 4930.135858915738; Max. 8742.0; Variable Format: numeric Notes: UNF:6:gq7Du8Zq1oRFyB1iJH84dQ==
State/Province
f8079369 Location:	Variable Format: character Notes: UNF:6:cNIEIm541evITtpgXVEYLg==
Auditor city
f8079369 Location:	Variable Format: character Notes: UNF:6:O+Ne7bmbW/YhJZ+G3kld0Q==
Lender
f8079369 Location:	Variable Format: character Notes: UNF:6:OgXVYyRL2Pdrwnghb5n0QQ==
shuffle
f8079369 Location:	Summary Statistics: StDev 0.3046415588159315; Valid 1531.0; Mean 0.5618253885963044; Min. 0.0018605856870429482; Max. 0.9985999238942037; Variable Format: numeric Notes: UNF:6:IR3GntpPjDbyKMEXZaKdtQ==
tag(gvkey)
f8079369 Location:	Summary Statistics: Max. 1.0; Min. 0.0; Valid 1531.0; Mean 0.16590463749183587; StDev 0.37211655886793277 Variable Format: numeric Notes: UNF:6:FnT9zPDpjR1IQvtnwEOTPA==
keeper
f8079369 Location:	Summary Statistics: Valid 1531.0; Min. 1.0; StDev 0.0; Mean 1.0; Max. 1.0; Variable Format: numeric Notes: UNF:6:UpSObWH4vmy4yqjg5LJKlA==
pseudo firm identifier
f8079361 Location:	Summary Statistics: Min. 1.0; Mean 113.38988095238044; Max. 259.0; StDev 75.39791957336604; Valid 672.0 Variable Format: numeric Notes: UNF:6:hOqZWO4U+CN/y+6Pe0LrIA==
Fiscal year of opinion
f8079361 Location:	Summary Statistics: Mean 2001.983630952381; Valid 672.0; Max. 2004.0; StDev 1.3532650478861894; Min. 2000.0; Variable Format: numeric Notes: UNF:6:g5dXFVruCyw4FNvYeHqxkw==
log total asset
f8079361 Location:	Summary Statistics: Max. 11.663233757019043; Min. 1.3992105722427368; StDev 1.9214556287159406; Mean 6.839556909920215; Valid 672.0 Variable Format: numeric Notes: UNF:6:zJMBtEumuKhLFuxJxvSMbw==
return on assets
f8079361 Location:	Summary Statistics: StDev 0.17192262213241444; Mean 0.11628194068266777; Max. 0.8966391682624817; Min. -1.6958926916122437; Valid 672.0; Variable Format: numeric Notes: UNF:6:adrDH3zU211DZHXmP+6uLg==
tangible assets
f8079361 Location:	Summary Statistics: Valid 672.0; Max. 0.9399898648262024; Min. 0.0012730499729514122; StDev 0.21603705099459142; Mean 0.2914881912417642 Variable Format: numeric Notes: UNF:6:8C8HrdJ3GDBw+AinVNg2lA==
leverage
f8079361 Location:	Summary Statistics: Max. 1.8962242603302002; Min. 0.0; Mean 0.2854372487132062; StDev 0.22575260771391964; Valid 671.0 Variable Format: numeric Notes: UNF:6:m4PfdX/l20HCtWmlauAVgw==
market-book ratio
f8079361 Location:	Summary Statistics: StDev 1.9660382391887574; Valid 672.0; Mean 2.461369601721388; Max. 10.0; Min. 0.0; Variable Format: numeric Notes: UNF:6:t+JSfIAxKIa87Z3Ik7xmVA==
cashflow volatility
f8079361 Location:	Summary Statistics: StDev 0.01756919890926548; Max. 0.1415761262178421; Valid 637.0; Mean 0.016521038664186867; Min. 5.392507300712168E-4 Variable Format: numeric Notes: UNF:6:ZQrMSnAxjlr6SfZxJZ9R5A==
audit fee/at
f8079361 Location:	Summary Statistics: Min. 2.0128303731326014E-5; Mean 0.0014119030655051288; Max. 0.03086419776082039; StDev 0.002443222517177358; Valid 672.0 Variable Format: numeric Notes: UNF:6:65lpr/mMqneu60PcBHRJow==
altman zscore
f8079361 Location:	Summary Statistics: Max. 12.025528907775879; StDev 2.162005733239504; Valid 647.0; Mean 1.8064040825169672; Min. -29.198122024536133; Variable Format: numeric Notes: UNF:6:VAXGSory4+NPzUJxK8S9hg==
Standard Industrial Classification Code
f8079361 Location:	Summary Statistics: Min. 181.0; Valid 672.0; Mean 4500.779761904761; StDev 1766.6272307946963; Max. 8742.0 Variable Format: numeric Notes: UNF:6:wVYW3dPnixa/hPOAyP1jZw==
pseudo firm identifier
f8079368 Location:	Summary Statistics: Max. 259.0; StDev 75.54341669926558; Mean 114.57640232108258; Valid 1034.0; Min. 1.0 Variable Format: numeric Notes: UNF:6:GCf1VgP/l22lLDcC+R2KmQ==
Fiscal year of opinion
f8079368 Location:	Summary Statistics: Mean 2002.0241779497098; Min. 2000.0; Max. 2004.0; Valid 1034.0; StDev 1.3499114564406225 Variable Format: numeric Notes: UNF:6:1kqZOnQ04bmQgsQXNrPrNA==
calender year
f8079368 Location:	Summary Statistics: StDev 1.4131344063507338; Min. 2000.0; Mean 2002.13249516441; Max. 2005.0; Valid 1034.0; Variable Format: numeric Notes: UNF:6:hwhoy7LHzdgb3jwP/c2B6g==
log loan spread
f8079368 Location:	Summary Statistics: Min. 2.140066146850586; Mean 4.918532287129116; StDev 0.8931273740083542; Valid 1034.0; Max. 6.956545352935791 Variable Format: numeric Notes: UNF:6:0BKsFSAb1jyUZnIwnlnFzA==
loan size
f8079368 Location:	Summary Statistics: StDev 0.32257532813457673; Valid 1034.0; Min. 6.257822387851775E-4; Mean 0.17960761309821072; Max. 8.673967361450195; Variable Format: numeric Notes: UNF:6:Jwi9LdZlgoRniEEHrOsu3w==
log loan maturity
f8079368 Location:	Summary Statistics: Mean 3.5208841526531387; Max. 5.4806389808654785; StDev 0.7282330034524431; Min. 0.0; Valid 1034.0; Variable Format: numeric Notes: UNF:6:/Z7Q0drryxwqDiD0i280Ew==
syndicate loan
f8079368 Location:	Summary Statistics: Max. 1.0; Min. 0.0; Valid 1034.0; Mean 0.9390715667311418; StDev 0.23931474595644725 Variable Format: numeric Notes: UNF:6:BExFfyOwEApFpkgyKbDpVg==
log total asset
f8079368 Location:	Summary Statistics: Min. 1.3992105722427368; Max. 11.663233757019043; Valid 1034.0; Mean 6.959592862216838; StDev 1.9338485848451454 Variable Format: numeric Notes: UNF:6:LkugQt+/+gwo1mZtZXCcEQ==
return on assets
f8079368 Location:	Summary Statistics: Valid 1034.0; StDev 0.15102203546414708; Max. 0.8966391682624817; Min. -1.6958926916122437; Mean 0.11498202100344129 Variable Format: numeric Notes: UNF:6:QWLvOTmbPXagsZDlCsNJkg==
tangible assets
f8079368 Location:	Summary Statistics: Max. 0.9399898648262024; Mean 0.2960462884408219; Valid 1034.0; StDev 0.21172616343149328; Min. 0.0012730499729514122 Variable Format: numeric Notes: UNF:6:FICFaQ1WcOcguu045+EZ5g==
leverage
f8079368 Location:	Summary Statistics: Min. 0.0; StDev 0.21306653189125727; Mean 0.2986369508834671; Max. 1.8962242603302002; Valid 1033.0; Variable Format: numeric Notes: UNF:6:pD8sHtf7xBJlXTcRLtoGBg==
market-book ratio
f8079368 Location:	Summary Statistics: StDev 2.009770285571875; Max. 10.0; Valid 1034.0; Mean 2.4868606434021783; Min. 0.0 Variable Format: numeric Notes: UNF:6:ku28bM5oYbddkApYmoUYzA==
cashflow volatility
f8079368 Location:	Summary Statistics: Max. 0.1415761262178421; Min. 5.392507300712168E-4; Mean 0.01649525952091852; Valid 980.0; StDev 0.017688083560871797; Variable Format: numeric Notes: UNF:6:OaexTdqRDJCNFvemep4ccA==
audit fee/at
f8079368 Location:	Summary Statistics: StDev 0.0022315856150781094; Min. 2.0128303731326014E-5; Mean 0.0013174095068700178; Valid 1034.0; Max. 0.03086419776082039 Variable Format: numeric Notes: UNF:6:/6UqoQGofdo9ebQZW43c/w==
altman zscore
f8079368 Location:	Summary Statistics: Max. 12.025528907775879; Min. -29.198122024536133; Valid 1005.0; Mean 1.778845200677448; StDev 2.10952365580552 Variable Format: numeric Notes: UNF:6:MfqqDEYSWaN4+Jjrfbs5rw==
treat
f8079368 Location:	Summary Statistics: StDev 0.49866644492370693; Max. 1.0; Min. 0.0; Mean 0.5396518375241786; Valid 1034.0; Variable Format: numeric Notes: UNF:6:rrKvHrh5p6XAAHi+YORUZQ==
post
f8079368 Location:	Summary Statistics: Valid 1034.0; Max. 1.0; Min. 0.0; Mean 0.6121856866537717; StDev 0.48748764260473115 Variable Format: numeric Notes: UNF:6:WA2Nuj2Lu2YMHjWfs7y+tg==
MSA
f8079368 Location:	Variable Format: character Notes: UNF:6:KAA5YTfdBMYM0vTbDK9hFA==
Standard Industrial Classification Code
f8079368 Location:	Summary Statistics: Valid 1034.0; Min. 181.0; StDev 1743.1655084536812; Mean 4529.338491295943; Max. 8742.0; Variable Format: numeric Notes: UNF:6:7eA35Fu8kZ10ro/An5WKQw==
State/Province
f8079368 Location:	Variable Format: character Notes: UNF:6:QOdyAUcShScS+zscA+3PCg==
Auditor city
f8079368 Location:	Variable Format: character Notes: UNF:6:XfV1hC0j0eQa6SF8Gj+1wA==
Lender
f8079368 Location:	Variable Format: character Notes: UNF:6:yrX+i4YGlNDp+c1LkDacaQ==
number of fin covenants
f8079368 Location:	Summary Statistics: Min. 1.0; StDev 1.1364529069956644; Mean 2.530434782608697; Max. 8.0; Valid 690.0 Variable Format: numeric Notes: UNF:6:pyyktCpP4YC3QcFOVJNXGg==
prob of fin covenant violation
f8079368 Location:	Summary Statistics: Max. 1.0; Valid 642.0; Mean 0.3835560752338564; Min. 0.0; StDev 0.41343107283560493; Variable Format: numeric Notes: UNF:6:DwQ6iI1jUsnL5PC1fr8Esg==
pseudo firm identifier
f8079362 Location:	Summary Statistics: Max. 259.0; Valid 835.0; Mean 113.6766467065872; Min. 1.0; StDev 75.67216537302946 Variable Format: numeric Notes: UNF:6:bZn4W43bG8koueg5ZenlKw==
treat
f8079362 Location:	Summary Statistics: StDev 0.4983840686435062; Min. 0.0; Mean 0.5437125748502996; Valid 835.0; Max. 1.0 Variable Format: numeric Notes: UNF:6:o3dLVj9Vh3NJ7jwslhkwIA==
Fiscal year of opinion
f8079362 Location:	Summary Statistics: StDev 1.3360807575917293; Max. 2004.0; Min. 2000.0; Mean 2002.1209580838324; Valid 835.0 Variable Format: numeric Notes: UNF:6:gHd8Br3+C5RvLjIOGg4bGQ==
post
f8079362 Location:	Summary Statistics: Mean 0.6455089820359284; Min. 0.0; Valid 835.0; Max. 1.0; StDev 0.4786454942980188; Variable Format: numeric Notes: UNF:6:X5J42CFqlrbvyLpVJc0jUA==
more analyst following dummy
f8079362 Location:	Summary Statistics: Min. 0.0; Mean 0.364071856287426; StDev 0.48145731473270015; Max. 1.0; Valid 835.0 Variable Format: numeric Notes: UNF:6:Wfanepnx38c9Wzn/8vbqiQ==
log loan spread
f8079362 Location:	Summary Statistics: Min. 2.140066146850586; Valid 835.0; StDev 0.9067275534255179; Mean 4.885863101696537; Max. 6.956545352935791 Variable Format: numeric Notes: UNF:6:Ww6DA9LNhavU5/YTnbLmCQ==
loan size
f8079362 Location:	Summary Statistics: StDev 0.3368283193266452; Mean 0.17723746733561493; Max. 8.673967361450195; Valid 835.0; Min. 6.257822387851775E-4; Variable Format: numeric Notes: UNF:6:Fcko6n740nhOo3k7jGKaIQ==
log loan maturity
f8079362 Location:	Summary Statistics: Max. 5.4806389808654785; Min. 0.0; Mean 3.550609615891278; Valid 835.0; StDev 0.7339674547977034; Variable Format: numeric Notes: UNF:6:uaVBxRUl8ak60VHTs+UT7Q==
syndicate loan
f8079362 Location:	Summary Statistics: Mean 0.94251497005988; Min. 0.0; StDev 0.2329065604544584; Max. 1.0; Valid 835.0; Variable Format: numeric Notes: UNF:6:j8YT1LOl0/U40eL3/LMTfA==
log total asset
f8079362 Location:	Summary Statistics: Mean 7.1112896296792485; Min. 2.7732136249542236; Max. 10.951648712158203; StDev 1.8153035432013267; Valid 835.0; Variable Format: numeric Notes: UNF:6:86wWLKUnHZWWFcaEYIAvRQ==
return on assets
f8079362 Location:	Summary Statistics: Min. -1.6958926916122437; Valid 835.0; Max. 0.8966391682624817; StDev 0.1504987090599329; Mean 0.12284360685145969; Variable Format: numeric Notes: UNF:6:4tIC55LHvdHg3CI2P9LbQw==
tangible assets
f8079362 Location:	Summary Statistics: StDev 0.20542012379551872; Mean 0.30536383310120985; Min. 0.02563389018177986; Valid 835.0; Max. 0.9200414419174194 Variable Format: numeric Notes: UNF:6:i8i9EqCUfQalCiouPa0jnw==
leverage
f8079362 Location:	Summary Statistics: Max. 1.8962242603302002; Min. 0.0; Valid 835.0; StDev 0.21865578924035312; Mean 0.31281075435037037; Variable Format: numeric Notes: UNF:6:a+JEg/vAypjH0WNEFnAlKA==
market-book ratio
f8079362 Location:	Summary Statistics: Max. 10.0; Min. 0.0; StDev 1.9601175676147022; Mean 2.5016658322004526; Valid 835.0 Variable Format: numeric Notes: UNF:6:Fnq9K4dKF1q+GyuI6mM76g==
cashflow volatility
f8079362 Location:	Summary Statistics: Max. 0.1415761262178421; StDev 0.018018687322437155; Min. 8.488239254802465E-4; Valid 835.0; Mean 0.0166089289570729 Variable Format: numeric Notes: UNF:6:USk8w5QWYo6NB4XokqBTGw==
audit fee/at
f8079362 Location:	Summary Statistics: Mean 0.0011042261894011242; Min. 4.481036739889532E-5; StDev 0.0012731626199739008; Max. 0.009815081022679806; Valid 835.0; Variable Format: numeric Notes: UNF:6:sEHcEfH+dspguKOKw8BNog==
altman zscore
f8079362 Location:	Summary Statistics: StDev 2.187074987006226; Valid 835.0; Min. -29.198122024536133; Mean 1.8385193838877347; Max. 12.025528907775879; Variable Format: numeric Notes: UNF:6:ZOKogWOo/W2iG0I4VvBKDQ==
MSA
f8079362 Location:	Variable Format: character Notes: UNF:6:J+WUTmdLRcGvQZuVIPNbGg==
Standard Industrial Classification Code
f8079362 Location:	Summary Statistics: StDev 1722.663908346373; Valid 835.0; Min. 181.0; Mean 4501.619161676646; Max. 8741.0; Variable Format: numeric Notes: UNF:6:ZtcD/5fEpsB3zQ9Y8AjlfA==
State/Province
f8079362 Location:	Variable Format: character Notes: UNF:6:fONIwh3GccHSih2S5/Z2/g==
Auditor city
f8079362 Location:	Variable Format: character Notes: UNF:6:a2b3QkF0PCYxsEg+Nbkn1Q==
Lender
f8079362 Location:	Variable Format: character Notes: UNF:6:edN1KQYC1mr7QgYQheumLw==
pseudo firm identifier
f8079366 Location:	Summary Statistics: Max. 258.0; Mean 119.67418546365862; StDev 74.2645858937359; Min. 2.0; Valid 798.0 Variable Format: numeric Notes: UNF:6:fgBPfMXGRbsKO733Z4+Drg==
treat
f8079366 Location:	Summary Statistics: Mean 0.5062656641604003; Valid 798.0; Min. 0.0; Max. 1.0; StDev 0.5002742932440164; Variable Format: numeric Notes: UNF:6:9o4L94ktyvi2t+PyoFSL8g==
Fiscal year of opinion
f8079366 Location:	Summary Statistics: Max. 2004.0; Min. 2000.0; StDev 1.354383167334202; Valid 798.0; Mean 2002.1002506265663 Variable Format: numeric Notes: UNF:6:2QmLxOB5Xn39OvspBLOmYQ==
post
f8079366 Location:	Summary Statistics: Max. 1.0; Min. 0.0; Mean 0.6390977443609022; StDev 0.4805634375768523; Valid 798.0 Variable Format: numeric Notes: UNF:6:TbpC/iMZU/hTwsD/qkoOrg==
higher operating cash flow dummy
f8079366 Location:	Summary Statistics: Min. 0.0; Mean 0.5576441102756896; Max. 1.0; StDev 0.4969775283127307; Valid 798.0 Variable Format: numeric Notes: UNF:6:0pn3MXQWGtI8WqUwwTSCZQ==
log loan spread
f8079366 Location:	Summary Statistics: Valid 798.0; StDev 0.872778114392137; Min. 2.70805025100708; Max. 6.956545352935791; Mean 5.008602216727752 Variable Format: numeric Notes: UNF:6:jn6RriwlahvTBGNTyZjwIQ==
loan size
f8079366 Location:	Summary Statistics: Min. 9.503223118372262E-4; Mean 0.1959536754981211; StDev 0.360630451615897; Valid 798.0; Max. 8.673967361450195; Variable Format: numeric Notes: UNF:6:X9JZnRiL8ek98mRLMU1luw==
log loan maturity
f8079366 Location:	Summary Statistics: Mean 3.5885124045207086; Valid 798.0; Max. 5.4806389808654785; Min. 0.0; StDev 0.7022097028541476; Variable Format: numeric Notes: UNF:6:0hHT3SRWwEF7PUygfwd0Vg==
syndicate loan
f8079366 Location:	Summary Statistics: Max. 1.0; Valid 798.0; Mean 0.9348370927318298; StDev 0.24696788310403353; Min. 0.0; Variable Format: numeric Notes: UNF:6:oxbOr1aRINUBps7GWNVNxQ==
log total asset
f8079366 Location:	Summary Statistics: StDev 1.9541273647241355; Min. 1.3992105722427368; Mean 6.761367285311364; Valid 798.0; Max. 10.714195251464844 Variable Format: numeric Notes: UNF:6:BNNDcqtVuI+amzgVGG2ReQ==
return on assets
f8079366 Location:	Summary Statistics: Valid 798.0; StDev 0.16018946676881468; Mean 0.11313003827954883; Min. -1.6958926916122437; Max. 0.8966391682624817; Variable Format: numeric Notes: UNF:6:UqglqrKsrK6E/2rCtPSZyg==
tangible assets
f8079366 Location:	Summary Statistics: Mean 0.30129474833056824; Min. 0.010501155629754066; Valid 798.0; Max. 0.9399898648262024; StDev 0.21675544361692872 Variable Format: numeric Notes: UNF:6:HzbqcS2/cRnVO9KwAnqopw==
leverage
f8079366 Location:	Summary Statistics: Min. 0.0; Mean 0.3051673606072415; Valid 798.0; Max. 1.8962242603302002; StDev 0.22682755358469897 Variable Format: numeric Notes: UNF:6:gxZgKqV9rw7qe0jAyk6BqQ==
market-book ratio
f8079366 Location:	Summary Statistics: Mean 2.3543179863340296; StDev 1.8503540129905578; Valid 798.0; Min. 0.0; Max. 10.0 Variable Format: numeric Notes: UNF:6:yQ0U5UUHpKqywXi4nUuOnQ==
cashflow volatility
f8079366 Location:	Summary Statistics: Mean 0.016063373689924887; StDev 0.01778766807709056; Min. 9.980339091271162E-4; Valid 798.0; Max. 0.1415761262178421 Variable Format: numeric Notes: UNF:6:c9r7LjvELP7GjEQIdNRWaQ==
audit fee/at
f8079366 Location:	Summary Statistics: Max. 0.03086419776082039; StDev 0.0021760277540164006; Mean 0.0014357048229997954; Valid 798.0; Min. 4.481036739889532E-5 Variable Format: numeric Notes: UNF:6:0vd5HcyZYcmqP8JNZCZFLg==
altman zscore
f8079366 Location:	Summary Statistics: Max. 12.025528907775879; Mean 1.7663567192061176; StDev 2.2627421730164303; Min. -29.198122024536133; Valid 798.0 Variable Format: numeric Notes: UNF:6:8pXcNFPZw7WvVL5v+HrVkA==
MSA
f8079366 Location:	Variable Format: character Notes: UNF:6:aghWKxWAndkDclp6RbgzsQ==
Standard Industrial Classification Code
f8079366 Location:	Summary Statistics: StDev 1782.8828589394498; Valid 798.0; Max. 8741.0; Min. 181.0; Mean 4558.951127819553 Variable Format: numeric Notes: UNF:6:zoAp9aQV3uyzCFc4jLG1JA==
State/Province
f8079366 Location:	Variable Format: character Notes: UNF:6:q+6LXX4AJi59SDjGt1rNwg==
Auditor city
f8079366 Location:	Variable Format: character Notes: UNF:6:PZLU/uWxp5oOEDvt5Qi/QQ==
Lender
f8079366 Location:	Variable Format: character Notes: UNF:6:xcQDc0fignRHQEgrz4I7Uw==
pseudo firm identifier
f8079365 Location:	Summary Statistics: Max. 259.0; StDev 75.17529298520174; Min. 1.0; Valid 951.0; Mean 113.61829652996958; Variable Format: numeric Notes: UNF:6:IcKirEFiTQbQ8vntN2wJcw==
treat
f8079365 Location:	Summary Statistics: Max. 1.0; StDev 0.4992994150970061; Valid 951.0; Mean 0.5310199789695058; Min. 0.0 Variable Format: numeric Notes: UNF:6:XC/HZRkLj9Kf9+KVWKN/Jg==
Fiscal year of opinion
f8079365 Location:	Summary Statistics: Min. 2000.0; Valid 951.0; Max. 2004.0; StDev 1.3517069311243277; Mean 2002.087276550999 Variable Format: numeric Notes: UNF:6:dervhi8W++902M0PY4+p2Q==
post
f8079365 Location:	Summary Statistics: StDev 0.4825243085485458; Valid 951.0; Max. 1.0; Min. 0.0; Mean 0.6319663512092534 Variable Format: numeric Notes: UNF:6:TG2dZJXy8nKmmZaeJK4BnQ==
more important firm dummy
f8079365 Location:	Summary Statistics: StDev 0.4969662794105986; Mean 0.5573080967402735; Min. 0.0; Max. 1.0; Valid 951.0; Variable Format: numeric Notes: UNF:6:blqFmqeqoLQE89srlFDn0g==
log loan spread
f8079365 Location:	Summary Statistics: Mean 4.925044921921125; Max. 6.956545352935791; StDev 0.8979883424270225; Min. 2.140066146850586; Valid 951.0 Variable Format: numeric Notes: UNF:6:ZBTzNctRwRYKNH+gq4LUQg==
loan size
f8079365 Location:	Summary Statistics: Min. 6.257822387851775E-4; StDev 0.3342244065374125; Mean 0.1846166134711069; Valid 951.0; Max. 8.673967361450195 Variable Format: numeric Notes: UNF:6:dbzGUW8ZfubCXYBDz+LKdQ==
log loan maturity
f8079365 Location:	Summary Statistics: Mean 3.551076523137016; Valid 951.0; Max. 5.4806389808654785; StDev 0.7207764102637761; Min. 0.0 Variable Format: numeric Notes: UNF:6:kTsNEY6xV0wf5LUrk/SdAQ==
syndicate loan
f8079365 Location:	Summary Statistics: Mean 0.9411146161934802; Min. 0.0; Max. 1.0; Valid 951.0; StDev 0.23553392538484544 Variable Format: numeric Notes: UNF:6:JLAmkZZ5DaD4FPAzw1erbg==
log total asset
f8079365 Location:	Summary Statistics: Max. 10.951648712158203; Valid 951.0; Min. 1.3992105722427368; Mean 6.936836206198485; StDev 1.918012313998981 Variable Format: numeric Notes: UNF:6:wgKqfK3TLVJ50yZIJiQMfg==
return on assets
f8079365 Location:	Summary Statistics: Min. -1.6958926916122437; Valid 951.0; Max. 0.8966391682624817; Mean 0.11778095533905326; StDev 0.1494576390856041; Variable Format: numeric Notes: UNF:6:JwVz4OGxITgJrb1s7gB78Q==
tangible assets
f8079365 Location:	Summary Statistics: Max. 0.9399898648262024; StDev 0.2124365180404538; Mean 0.30299394913252775; Valid 951.0; Min. 0.010501155629754066 Variable Format: numeric Notes: UNF:6:rGiRpzub9lYQ86fUylUfCA==
leverage
f8079365 Location:	Summary Statistics: StDev 0.2150756025633605; Valid 951.0; Mean 0.30523910359263096; Max. 1.8962242603302002; Min. 0.0; Variable Format: numeric Notes: UNF:6:pj+MfI9xwCPA0bt3gU9cdg==
market-book ratio
f8079365 Location:	Summary Statistics: StDev 1.9693596481840498; Max. 10.0; Valid 951.0; Mean 2.477189963125277; Min. 0.0 Variable Format: numeric Notes: UNF:6:TaghWbbvTfP8fHpLfpXt6w==
cashflow volatility
f8079365 Location:	Summary Statistics: Valid 951.0; Mean 0.016733056651898365; Max. 0.1415761262178421; Min. 8.488239254802465E-4; StDev 0.017839767902634564 Variable Format: numeric Notes: UNF:6:isiIm5fNOCjnZH+/LhKATg==
audit fee/at
f8079365 Location:	Summary Statistics: Valid 951.0; Max. 0.03086419776082039; Mean 0.0013009121640912258; Min. 4.481036739889532E-5; StDev 0.002031280349791685; Variable Format: numeric Notes: UNF:6:OdbyRGbUfc9ZKlUlV7Me3A==
altman zscore
f8079365 Location:	Summary Statistics: Mean 1.7915632794028438; Min. -29.198122024536133; StDev 2.140772976069145; Max. 12.025528907775879; Valid 951.0; Variable Format: numeric Notes: UNF:6:AjJx+4MSu8DK8Q9HbVyUlw==
MSA
f8079365 Location:	Variable Format: character Notes: UNF:6:LBnsORJ7XbdQlZXETfwJHg==
Standard Industrial Classification Code
f8079365 Location:	Summary Statistics: Valid 951.0; Max. 8741.0; StDev 1739.470101253578; Mean 4494.150368033649; Min. 181.0; Variable Format: numeric Notes: UNF:6:eaxK9l5h/wpTzABxWwQ2cA==
State/Province
f8079365 Location:	Variable Format: character Notes: UNF:6:2xhNSIPcxvnTJCnGrS7azQ==
Auditor city
f8079365 Location:	Variable Format: character Notes: UNF:6:X7BT9PEmh/5ZlXUE4Z7HuA==
Lender
f8079365 Location:	Variable Format: character Notes: UNF:6:eL7nxbnF1KoORQwqsst7LQ==
estimated coefficient
f8079370 Location:	Summary Statistics: Mean -0.07514117724106958; Valid 6.0; StDev 0.09055877042811551; Max. 0.002193775726482272; Min. -0.22895538806915283 Variable Format: numeric Notes: UNF:6:wcWHMY/x+8SibtcjyQuRQw==
lower bound
f8079370 Location:	Summary Statistics: Max. -0.18787921965122223; StDev 0.06991617095538764; Mean -0.22593314349651336; Min. -0.35059237480163574; Valid 5.0; Variable Format: numeric Notes: UNF:6:C4Znox/GphTWGPvsrrC/4g==
upper bound
f8079370 Location:	Summary Statistics: Max. 0.20654770731925964; Min. -0.10731838643550873; Valid 5.0; StDev 0.1327516547601131; Mean 0.04559431858360766 Variable Format: numeric Notes: UNF:6:a8bAmG0fcJRDYkloHHjiCQ==
fyear
f8079370 Location:	Summary Statistics: Mean 2001.5; StDev 1.8708286933869707; Max. 2004.0; Valid 6.0; Min. 1999.0 Variable Format: numeric Notes: UNF:6:0O5NLRjxhixULobauhZyqw==
post
f8079370 Location:	Summary Statistics: Valid 6.0; Max. 1.0; Mean 0.5; StDev 0.5477225575051661; Min. 0.0; Variable Format: numeric Notes: UNF:6:vBSXTPRGU0oZy9qDQLTlLQ==
pseudo firm identifier
f8079371 Location:	Summary Statistics: Valid 332.0; Mean 126.85843373493962; StDev 76.32088298370579; Max. 259.0; Min. 1.0 Variable Format: numeric Notes: UNF:6:Yv34gzLAbCSVvTLkmRDIQw==
log total asset
f8079371 Location:	Summary Statistics: StDev 1.8932517873563885; Max. 11.492735862731934; Valid 332.0; Min. 1.801379680633545; Mean 6.136984486177746 Variable Format: numeric Notes: UNF:6:8Ge9HhGNX2pegbQGgjWChw==
return on assets
f8079371 Location:	Summary Statistics: Valid 332.0; StDev 0.16475976764957206; Min. -0.8676022887229919; Max. 0.8387416005134583; Mean 0.09934153686525107 Variable Format: numeric Notes: UNF:6:SnfI9wL4CeS2inLazYQApw==
tangible assets
f8079371 Location:	Summary Statistics: Valid 332.0; StDev 0.22889874934954574; Min. 0.0012730499729514122; Max. 0.9179696440696716; Mean 0.2971252012220828; Variable Format: numeric Notes: UNF:6:uP2/J9EFu1fdl5aoneIWAA==
discretionary accruals
f8079371 Location:	Summary Statistics: StDev 0.14483008260471938; Mean -0.01981476583260011; Min. -0.5334526300430298; Max. 0.5217654705047607; Valid 332.0 Variable Format: numeric Notes: UNF:6:HgLLJhyHzKdYzoOi+W4+DQ==
accounting restatement wth negative impacts
f8079371 Location:	Summary Statistics: Min. 0.0; StDev 0.3668233710910031; Max. 1.0; Valid 332.0; Mean 0.1596385542168676 Variable Format: numeric Notes: UNF:6:I5NzEC4Ga6PQB6QpbZGv/Q==
treat
f8079371 Location:	Summary Statistics: Mean 0.5240963855421685; Max. 1.0; StDev 0.5001728671431227; Valid 332.0; Min. 0.0; Variable Format: numeric Notes: UNF:6:FJGlsF7KHW6yMSKvEk5XWw==
pseudo firm identifier
f8079363 Location:	Summary Statistics: Max. 325.0; Min. 1.0; Valid 325.0; Mean 163.0; StDev 93.96364545219957; Variable Format: numeric Notes: UNF:6:x5Jt0DK8JagQ80Kh11kbhQ==
log total asset
f8079363 Location:	Summary Statistics: Max. 13.08700180053711; Valid 325.0; StDev 2.0447521108373103; Mean 6.571202292075522; Min. 1.220829963684082 Variable Format: numeric Notes: UNF:6:d7OqgLLe30NY5GBSjG0fJQ==
return on assets
f8079363 Location:	Summary Statistics: StDev 0.2063963220088701; Mean 0.09995115060203077; Max. 0.8387416005134583; Min. -2.2316272258758545; Valid 306.0; Variable Format: numeric Notes: UNF:6:+2iNLMHBw0KNyWmYKcnfxQ==
tangible assets
f8079363 Location:	Summary Statistics: Mean 0.27362604427501785; Valid 303.0; StDev 0.218332186560125; Max. 0.9138961434364319; Min. 0.0026276996359229088 Variable Format: numeric Notes: UNF:6:hE9TsWT932h2I8HMdrL5kQ==
discretionary accruals
f8079363 Location:	Summary Statistics: Max. 0.6881258487701416; Valid 287.0; Mean -0.011247827200939451; StDev 0.17698282810682847; Min. -0.9401315450668335 Variable Format: numeric Notes: UNF:6:A/G/466AIS1dP1Q9o5VHZw==
accounting restatement wth negative impacts
f8079363 Location:	Summary Statistics: Min. 0.0; Valid 325.0; Max. 1.0; StDev 0.35534181609797355; Mean 0.14769230769230768 Variable Format: numeric Notes: UNF:6:hPaUqgf8EIOtB57B5DcO6g==
treat
f8079363 Location:	Summary Statistics: Max. 1.0; Min. 0.0; Valid 325.0; Mean 0.5415384615384614; StDev 0.49903991394226455 Variable Format: numeric Notes: UNF:6:byUH0tYMuvKbFiErAJ1qNw==
pseudo firm identifier
f8079364 Location:	Summary Statistics: StDev 75.95851758281367; Max. 259.0; Mean 122.85991379310411; Min. 1.0; Valid 1392.0; Variable Format: numeric Notes: UNF:6:cL1XytfTozvGGlCswHdtjA==
discretional accrual
f8079364 Location:	Summary Statistics: StDev 0.1412544042348809; Mean -0.009079571479093086; Valid 1382.0; Max. 1.0; Min. -1.0 Variable Format: numeric Notes: UNF:6:X86XuG4aHoHNub4MmgZ08A==
fyear
f8079364 Location:	Summary Statistics: Mean 2002.0466954022988; Min. 2000.0; Valid 1392.0; StDev 1.349165623041596; Max. 2004.0 Variable Format: numeric Notes: UNF:6:pSNW+xJMblKcUjNH5fQbyg==
accounting restatement wth negative impacts
f8079364 Location:	Summary Statistics: StDev 0.39102694486412465; Valid 1392.0; Max. 1.0; Min. 0.0; Mean 0.1882183908045979 Variable Format: numeric Notes: UNF:6:3Y4Sh7fOzWIex6oHNj+W4A==
lag accounting restatement wth negative impacts
f8079364 Location:	Summary Statistics: Max. 1.0; Min. 0.0; Valid 1059.0; StDev 0.3806911493457356; Mean 0.17563739376770565; Variable Format: numeric Notes: UNF:6:wyrQN5ThY2WMWY3MUN2kDA==
amihud original
f8079364 Location:	Summary Statistics: StDev 3.2283830499346613; Valid 1392.0; Max. 31.353212694406707; Min. 2.2521364029791534E-5; Mean 1.107202828776063 Variable Format: numeric Notes: UNF:6:Ur6dzNLdxu+sJucngfxckQ==
amihud refined
f8079364 Location:	Summary Statistics: Min. 2.169991969011003E-5; Max. 10.599156449062635; Valid 1392.0; Mean 0.5228673088437858; StDev 1.2747839209276688; Variable Format: numeric Notes: UNF:6:txBDTiQifAgTUEgy8KJSsA==
treat
f8079364 Location:	Summary Statistics: Max. 1.0; Valid 1392.0; StDev 0.49995196725085345; Mean 0.5150862068965508; Min. 0.0 Variable Format: numeric Notes: UNF:6:dT1SIe4HSmrW8OlkyJplSw==
post
f8079364 Location:	Summary Statistics: Max. 1.0; StDev 0.48695296840211993; Min. 0.0; Mean 0.6142241379310344; Valid 1392.0 Variable Format: numeric Notes: UNF:6:VwgldmqMPPlx2UfkXJUVsQ==
log total asset
f8079364 Location:	Summary Statistics: Valid 1392.0; Max. 11.663233757019043; Mean 6.34016286324838; Min. 1.3992105722427368; StDev 1.9325406217767576 Variable Format: numeric Notes: UNF:6:0IwNd3ryZDgPbPCiKP0r9w==
return on assets
f8079364 Location:	Summary Statistics: Valid 1392.0; Mean 0.11499587003579563; Min. -0.8676022887229919; StDev 0.13190589544633685; Max. 0.8966391682624817 Variable Format: numeric Notes: UNF:6:fgfqBQ1s46w++yA0gIJCWw==
leverage
f8079364 Location:	Summary Statistics: StDev 0.21472934427024326; Mean 0.27349054478404494; Valid 1392.0; Max. 1.8962242603302002; Min. 0.0 Variable Format: numeric Notes: UNF:6:pgbKtY8iiTa+mIyfQ8BucA==
market-book ratio
f8079364 Location:	Summary Statistics: Valid 1392.0; Min. 0.0; Max. 10.0; StDev 2.1782777112485743; Mean 2.441117606270287 Variable Format: numeric Notes: UNF:6:UERBmgMO5/9T/yYLw++Ksw==
audit fee/at
f8079364 Location:	Summary Statistics: Mean 0.001823930578026158; Max. 0.03280318155884743; Valid 1392.0; StDev 0.003048410758705302; Min. 2.0128303731326014E-5; Variable Format: numeric Notes: UNF:6:88aWh2dYcZFFHY0wOV33xg==
MSA
f8079364 Location:	Summary Statistics: Max. 63.0; StDev 17.736020174788756; Mean 29.134339080459775; Min. 1.0; Valid 1392.0 Variable Format: numeric Notes: UNF:6:bxErQPNTxbsxG4fWuky7zA==
Standard Industrial Classification Code
f8079364 Location:	Summary Statistics: Min. 181.0; Max. 8742.0; Mean 4580.928879310355; StDev 1789.4919492267245; Valid 1392.0 Variable Format: numeric Notes: UNF:6:u4t3TuYc3L3HLAv6psGGlg==
msa
f8079372 Location:	Variable Format: character Notes: UNF:6:O0J4uMDpG5BXmH2llAJkmQ==
treat
f8079372 Location:	Summary Statistics: Valid 12.0; Mean 0.5; Min. 0.0; StDev 0.5222329678670935; Max. 1.0 Variable Format: numeric Notes: UNF:6:xgl3W9U9pRehPVKaVY3wxA==
HHI change from 2001 to 2002
f8079372 Location:	Summary Statistics: StDev 0.1208383888514457; Mean 0.06852481265862784; Valid 12.0; Max. 0.38167843222618103; Min. -0.05161915719509125; Variable Format: numeric Notes: UNF:6:7xS/d8Bhuh3jQTuBSfMbBA==
Audit switch freq change from 2001 to 2002
f8079372 Location:	Summary Statistics: StDev 0.1123346495527833; Min. -0.07500000298023224; Max. 0.3076923191547394; Mean 0.04458443366456777; Valid 12.0 Variable Format: numeric Notes: UNF:6:A0YlgrO2vYCl1FE+QJ/sbg==
pseudo firm identifier
f8079367 Location:	Summary Statistics: StDev 80.58254029202342; Mean 130.75362318840567; Min. 1.0; Max. 259.0; Valid 207.0; Variable Format: numeric Notes: UNF:6:a3jqtfwJUMik/UBwmf6Nhw==
changes in audit fees
f8079367 Location:	Summary Statistics: Max. 4.989011764526367; Min. -1.3795403242111206; Valid 207.0; Mean 0.18328701490996066; StDev 0.4996770498114548; Variable Format: numeric Notes: UNF:6:hjqBFNtPZ34A7c9RbD7HEQ==
treat
f8079367 Location:	Summary Statistics: Max. 1.0; StDev 0.49626908765671807; Mean 0.570048309178744; Valid 207.0; Min. 0.0; Variable Format: numeric Notes: UNF:6:2TWBz4AihVfcGWKTVE48kA==
log total asset
f8079367 Location:	Summary Statistics: Mean 6.068249134625791; Valid 207.0; StDev 2.0628871054481226; Max. 11.492735862731934; Min. 1.801379680633545 Variable Format: numeric Notes: UNF:6:+62j/ujYJcunr5B0ZH9mKg==
industry segment numbers
f8079367 Location:	Summary Statistics: Min. 0.0; Max. 2.6390573978424072; Mean 0.7180417211735303; Valid 207.0; StDev 0.7543732481064247 Variable Format: numeric Notes: UNF:6:3PSv29T+KxhQXG/TlQ81ng==
leverage
f8079367 Location:	Summary Statistics: Mean 0.2654773742915188; Min. 0.0; Valid 207.0; StDev 0.2935846787367251; Max. 1.8962242603302002 Variable Format: numeric Notes: UNF:6:lCC7dHJtUvmGwPSPZMjdwg==
return on assets
f8079367 Location:	Summary Statistics: Min. -0.8676022887229919; StDev 0.18659373011059632; Valid 207.0; Mean 0.07556883050134434; Max. 0.8387416005134583 Variable Format: numeric Notes: UNF:6:O9RirInuC2HYUCNmoOKgZQ==
inventory
f8079367 Location:	Summary Statistics: Min. -0.2880261540412903; StDev 0.1547191175124968; Max. 0.6901105046272278; Valid 206.0; Mean 0.12841383215364993 Variable Format: numeric Notes: UNF:6:wjNrZsIbs7QlWD9AWIDhMQ==
auditor change dummy
f8079367 Location:	Summary Statistics: Valid 207.0; StDev 0.21493855763012493; Mean 0.0483091787439613; Max. 1.0; Min. 0.0; Variable Format: numeric Notes: UNF:6:a7csvBUow9wWUA7rl9XTSg==
Big 4 auditors dummy
f8079367 Location:	Summary Statistics: Max. 1.0; Mean 0.8985507246376809; Min. 0.0; StDev 0.3026546400641911; Valid 207.0; Variable Format: numeric Notes: UNF:6:IZpfIjvHxJQqWhYkBPbf7g==
foreign sales dummy
f8079367 Location:	Summary Statistics: Valid 207.0; StDev 0.49128228673407864; Max. 1.0; Min. 0.0; Mean 0.4009661835748787 Variable Format: numeric Notes: UNF:6:B1r7k4RCQfDwzFdVYJg++g==
Standard Industrial Classification Code
f8079367 Location:	Summary Statistics: Mean 4830.468599033815; StDev 1920.7396602496115; Max. 8742.0; Min. 1310.0; Valid 207.0 Variable Format: numeric Notes: UNF:6:FdLXClk7/sAEJBUX2RerdQ==
msa
f8079367 Location:	Variable Format: character Notes: UNF:6:ehZpsIlx+4/ql+Otql3uZw==
Other Study-Related Materials
Label:	RCFS_Replication.do
Notes:	application/x-stata-syntax

Document Description

Citation

Title:

Replication Data for: Competition and Certification: Theory and Evidence from the Audit Market

Identification Number:

doi:10.7910/DVN/Z03NDE

Distributor:

Harvard Dataverse

Date of Distribution:

2024-01-03

Version:

Bibliographic Citation:

Geng, Heng; Zhang, Cheng; Zhou, Frank, 2024, "Replication Data for: Competition and Certification: Theory and Evidence from the Audit Market", https://doi.org/10.7910/DVN/Z03NDE, Harvard Dataverse, V1, UNF:6:B7ZXtd266Sz4Oo4QMxtUsA== [fileUNF]

Study Description

Citation

Title:

Replication Data for: Competition and Certification: Theory and Evidence from the Audit Market

Identification Number:

doi:10.7910/DVN/Z03NDE

Authoring Entity:

Geng, Heng (Victoria University of Wellington)

Zhang, Cheng (University of Denver)

Zhou, Frank (University of Pennsylvania)

Distributor:

Harvard Dataverse

Access Authority:

Geng, Heng

Access Authority:

Zhang, Cheng

Access Authority:

Zhou, Frank

Depositor:

Heng (Griffin) Geng, Cheng Zhang, and Frank S. Zhou

Date of Deposit:

2024-01-02

Holdings Information:

https://doi.org/10.7910/DVN/Z03NDE

Study Scope

Keywords:

Business and Management

Abstract:

The package includes a STATA do file that generates the tables and figures in the article titled "Competition and Certification: Theory and Evidence from the Audit Market." Recognizing that not all data is publicly available, we provide pseudo-observations of the merged dataset to facilitate understanding of the code's structure, in accordance with the code-sharing policy of the RCFS.

Methodology and Processing

Sources Statement

Data Access

Other Study Description Materials

Related Publications

Citation

Title:

Heng (Griffin) Geng, Cheng Zhang, and Frank S. Zhou, Competition and Certification: Theory and Evidence from the Audit Market, Forthcoming, Review of Corporate Finance Studies.

Bibliographic Citation:

Heng (Griffin) Geng, Cheng Zhang, and Frank S. Zhou, Competition and Certification: Theory and Evidence from the Audit Market, Forthcoming, Review of Corporate Finance Studies.

File Description--f8079369

File: audit_placebosamp.tab

Number of cases: 1531
No. of variables per record: 35
Type of File: text/tab-separated-values

Notes:

UNF:6:6eTlikRgUpzQ8uuvAvJHCg==

File Description--f8079361

File: audit_psmsample_firm.tab

Number of cases: 672
No. of variables per record: 11
Type of File: text/tab-separated-values

Notes:

UNF:6:2iNHB8ZCpBQKMYFZu5Zrpw==

File Description--f8079368

File: audit_psmsample_main.tab

Number of cases: 1034
No. of variables per record: 24
Type of File: text/tab-separated-values

Notes:

UNF:6:CBT/UdYX9/OALssITobBTQ==

File Description--f8079362

File: audit_sampxs_analy.tab

Number of cases: 835
No. of variables per record: 22
Type of File: text/tab-separated-values

Notes:

UNF:6:zOKe2jDW6lNuShVn2W77hQ==

File Description--f8079366

File: audit_sampxs_cfo.tab

Number of cases: 798
No. of variables per record: 22
Type of File: text/tab-separated-values

Notes:

UNF:6:PBkQN200vHkkSx9/NWWz2Q==

File Description--f8079365

File: audit_sampxs_impt.tab

Number of cases: 951
No. of variables per record: 22
Type of File: text/tab-separated-values

Notes:

UNF:6:m3sCMbQsD+F3ZSsw6vGwNA==

File Description--f8079370

File: audit_samp_figure.tab

Number of cases: 6
No. of variables per record: 5
Type of File: text/tab-separated-values

Notes:

UNF:6:s9rsD1pCwaDbthREokZNcQ==

File Description--f8079371

File: audit_samp_postmatching_yr2001.tab

Number of cases: 332
No. of variables per record: 7
Type of File: text/tab-separated-values

Notes:

UNF:6:e36wianWuTsfm0ou1Zh4uQ==

File Description--f8079363

File: audit_samp_prematching_yr2001.tab

Number of cases: 325
No. of variables per record: 7
Type of File: text/tab-separated-values

Notes:

UNF:6:XBVhHDs2zi+o96XMPI3SVQ==

File Description--f8079364

File: audit_samp_psm_aq_firmlevel.tab

Number of cases: 1392
No. of variables per record: 16
Type of File: text/tab-separated-values

Notes:

UNF:6:sTX6W/bhsbYhrlTwXvWqlw==

File Description--f8079372

File: msa_validitytest.tab

Number of cases: 12
No. of variables per record: 4
Type of File: text/tab-separated-values

Notes:

UNF:6:cERsjgScvMUUaAIwczJGLw==

File Description--f8079367

File: samp_validity_fee.tab

Number of cases: 207
No. of variables per record: 13
Type of File: text/tab-separated-values

Notes:

UNF:6:sfwUOS4o955JIz2l/ezz7Q==

Variable Description

List of Variables:

cik - Company fkey
permno - Historical CRSP PERMNO Link to COMPUSTAT Record
gvkey - Standard and Poor's Identifier
fyear - Fiscal year of opinion
treat_post2006
treat_post2007
treat_post2008
treat_post2009
treat_post2010
treat
post2006
post2007
post2008
post2009
post2010
lspread - log loan spread
loan_size - loan size
lmaturity - log loan maturity
i_syndicate - syndicate loan
lat - log total asset
roa - return on assets
tang - tangible assets
lever - leverage
mb - market-book ratio
cf_vol - cashflow volatility
auditfee - audit fee/at
zscore - altman zscore
msa - MSA
siccd - Standard Industrial Classification Code
state - State/Province
city - Auditor city
lender - Lender
shuffle
flag - tag(gvkey)
keeper
firm_id - pseudo firm identifier
fyear - Fiscal year of opinion
lat - log total asset
roa - return on assets
tang - tangible assets
lever - leverage
mb - market-book ratio
cf_vol - cashflow volatility
auditfee - audit fee/at
zscore - altman zscore
siccd - Standard Industrial Classification Code
firm_id - pseudo firm identifier
fyear - Fiscal year of opinion
year - calender year
lspread - log loan spread
loan_size - loan size
lmaturity - log loan maturity
i_syndicate - syndicate loan
lat - log total asset
roa - return on assets
tang - tangible assets
lever - leverage
mb - market-book ratio
cf_vol - cashflow volatility
auditfee - audit fee/at
zscore - altman zscore
treat
post
msa - MSA
siccd - Standard Industrial Classification Code
state - State/Province
city - Auditor city
lender - Lender
num_fincov - number of fin covenants
pviol - prob of fin covenant violation
firm_id - pseudo firm identifier
treat
fyear - Fiscal year of opinion
post
analy_treat - more analyst following dummy
lspread - log loan spread
loan_size - loan size
lmaturity - log loan maturity
i_syndicate - syndicate loan
lat - log total asset
roa - return on assets
tang - tangible assets
lever - leverage
mb - market-book ratio
cf_vol - cashflow volatility
auditfee - audit fee/at
zscore - altman zscore
msa - MSA
siccd - Standard Industrial Classification Code
state - State/Province
city - Auditor city
lender - Lender
firm_id - pseudo firm identifier
treat
fyear - Fiscal year of opinion
post
cfo_treat - higher operating cash flow dummy
lspread - log loan spread
loan_size - loan size
lmaturity - log loan maturity
i_syndicate - syndicate loan
lat - log total asset
roa - return on assets
tang - tangible assets
lever - leverage
mb - market-book ratio
cf_vol - cashflow volatility
auditfee - audit fee/at
zscore - altman zscore
msa - MSA
siccd - Standard Industrial Classification Code
state - State/Province
city - Auditor city
lender - Lender
firm_id - pseudo firm identifier
treat
fyear - Fiscal year of opinion
post
impt_treat - more important firm dummy
lspread - log loan spread
loan_size - loan size
lmaturity - log loan maturity
i_syndicate - syndicate loan
lat - log total asset
roa - return on assets
tang - tangible assets
lever - leverage
mb - market-book ratio
cf_vol - cashflow volatility
auditfee - audit fee/at
zscore - altman zscore
msa - MSA
siccd - Standard Industrial Classification Code
state - State/Province
city - Auditor city
lender - Lender
b - estimated coefficient
LB - lower bound
UB - upper bound
fyear - fyear
post
firm_id - pseudo firm identifier
lat - log total asset
roa - return on assets
tang - tangible assets
da - discretionary accruals
dummy_res - accounting restatement wth negative impacts
treat
firm_id - pseudo firm identifier
lat - log total asset
roa - return on assets
tang - tangible assets
da - discretionary accruals
dummy_res - accounting restatement wth negative impacts
treat
firm_id - pseudo firm identifier
da - discretional accrual
fyear
dummy_res - accounting restatement wth negative impacts
ldummy_res - lag accounting restatement wth negative impacts
amihud_orig - amihud original
amihud_ref - amihud refined
treat
post
lat - log total asset
roa - return on assets
lever - leverage
mb - market-book ratio
auditfee - audit fee/at
msa - MSA
siccd - Standard Industrial Classification Code
msa - msa
treat
d_msa_comp - HHI change from 2001 to 2002
d_msa_switch - Audit switch freq change from 2001 to 2002
firm_id - pseudo firm identifier
fee_gratio - changes in audit fees
treat
lat - log total asset
nsegment - industry segment numbers
lever - leverage
roa - return on assets
arin - inventory
dummy_audit_chg - auditor change dummy
big4 - Big 4 auditors dummy
dummy_foreign - foreign sales dummy
siccd - Standard Industrial Classification Code
msa - msa

Variables

Company fkey

f8079369 Location:

Variable Format: character

Notes: UNF:6:sBFVq6f90Y87moJeLzU+JQ==

Historical CRSP PERMNO Link to COMPUSTAT Record

f8079369 Location:

Summary Statistics: Min. 10001.0; Mean 63578.90267798796; Max. 92923.0; Valid 1531.0; StDev 24922.22721900841;

Variable Format: numeric

Notes: UNF:6:qkqYvQnzCKqVLENrXZTVCA==

Standard and Poor's Identifier

f8079369 Location:

Variable Format: character

Notes: UNF:6:ecdZh6Naxlw4+REYmV+mSg==

Fiscal year of opinion

f8079369 Location:

Summary Statistics: Valid 1531.0; Mean 2003.7766165904638; Min. 2000.0; Max. 2011.0; StDev 2.990792282940855

Variable Format: numeric

Notes: UNF:6:YmgAQu9rdfh4w5XUr5QLkA==

treat_post2006

f8079369 Location:

Summary Statistics: Min. 0.0; StDev 0.3134718849202754; Valid 1531.0; Max. 1.0; Mean 0.11038536903984333

Variable Format: numeric

Notes: UNF:6:fmLG5GQt7J7pPkTOmOU59g==

treat_post2007

f8079369 Location:

Summary Statistics: Max. 1.0; Min. 0.0; StDev 0.28077763529264266; Valid 1531.0; Mean 0.08621815806662304

Variable Format: numeric

Notes: UNF:6:pCThQcmnD6USdqHQWPqb5w==

treat_post2008

f8079369 Location:

Summary Statistics: Min. 0.0; Max. 1.0; Mean 0.05617243631613322; StDev 0.2303296450951981; Valid 1531.0

Variable Format: numeric

Notes: UNF:6:M1l9G/YytBimStgkxk9iFA==

treat_post2009

f8079369 Location:

Summary Statistics: Max. 1.0; Mean 0.04506858262573477; Valid 1531.0; Min. 0.0; StDev 0.2075223711049854

Variable Format: numeric

Notes: UNF:6:Yd7XbEGkJeCYeE6jMkA5zw==

treat_post2010

f8079369 Location:

Summary Statistics: Max. 1.0; Valid 1531.0; Mean 0.024820378837361178; Min. 0.0; StDev 0.15562823475742593

Variable Format: numeric

Notes: UNF:6:t5hRKwUNjUBaLBtUUtCxzw==

treat

f8079369 Location:

Summary Statistics: Valid 1531.0; Mean 0.48922273024167096; Min. 0.0; StDev 0.5000471710095326; Max. 1.0

Variable Format: numeric

Notes: UNF:6:WQKOIZyeMMSpFyfhT12nvA==

post2006

f8079369 Location:

Summary Statistics: Min. 0.0; Mean 0.22926192031352102; StDev 0.420495401861784; Valid 1531.0; Max. 1.0;

Variable Format: numeric

Notes: UNF:6:cH9ldLXiczACD3JQhxnkVQ==

post2007

f8079369 Location:

Summary Statistics: Max. 1.0; Valid 1531.0; Min. 0.0; StDev 0.3898830739626372; Mean 0.18680600914434967

Variable Format: numeric

Notes: UNF:6:K17kZH+HOrrYwaHrHDkSag==

post2008

f8079369 Location:

Summary Statistics: Max. 1.0; Mean 0.14696276943174383; Valid 1531.0; StDev 0.35418448802023056; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:7xQmsdW3hrsxwRIssUETdw==

post2009

f8079369 Location:

Summary Statistics: Max. 1.0; StDev 0.32980548843071933; Valid 1531.0; Min. 0.0; Mean 0.12410189418680581;

Variable Format: numeric

Notes: UNF:6:Hs6IjYjAxeb/bZLz6s6u2w==

post2010

f8079369 Location:

Summary Statistics: Min. 0.0; Max. 1.0; Mean 0.08033964728935346; StDev 0.2719071152720425; Valid 1531.0;

Variable Format: numeric

Notes: UNF:6:wr3VxNzh8in8zy4lfGYEUw==

log loan spread

f8079369 Location:

Summary Statistics: Mean 5.091844893062454; StDev 0.8187441203602138; Valid 1531.0; Min. 1.6094379425048828; Max. 7.313220500946045

Variable Format: numeric

Notes: UNF:6:WvFnEWtTOyoM7I4KQE87fQ==

loan size

f8079369 Location:

Summary Statistics: StDev 0.2888561571779239; Max. 8.673967361450195; Mean 0.1816493756543211; Min. 1.6930022684391588E-4; Valid 1531.0

Variable Format: numeric

Notes: UNF:6:vHi/FZ/asvt7+f9i8acUHA==

log loan maturity

f8079369 Location:

Summary Statistics: Min. 0.0; StDev 0.7302695731693427; Valid 1531.0; Mean 3.6085298382947824; Max. 5.4806389808654785

Variable Format: numeric

Notes: UNF:6:MiQPk7uSL3Ym/a9bsOOMiw==

syndicate loan

f8079369 Location:

Summary Statistics: Mean 0.9510124101894186; Max. 1.0; Min. 0.0; StDev 0.21591261056603672; Valid 1531.0;

Variable Format: numeric

Notes: UNF:6:Ka6j3Af9Suw24/CGjaEVfA==

log total asset

f8079369 Location:

Summary Statistics: Valid 1531.0; Min. 1.5392299890518188; Max. 10.993664741516113; StDev 1.6972701664588157; Mean 7.094976843220972

Variable Format: numeric

Notes: UNF:6:pfCTy6WNhBbUEYoBWOK1Nw==

return on assets

f8079369 Location:

Summary Statistics: StDev 0.09956879277482661; Min. -0.7525068521499634; Mean 0.11691396452718746; Valid 1531.0; Max. 0.5365232229232788

Variable Format: numeric

Notes: UNF:6:9nTlV6jfS0YjRSaKyUYRiw==

tangible assets

f8079369 Location:

Summary Statistics: Mean 0.3116163066560914; Max. 0.934832751750946; StDev 0.22988370680641879; Min. 0.002413297537714243; Valid 1528.0

Variable Format: numeric

Notes: UNF:6:L4Rwcp8gNTImdJfg0jXKRA==

leverage

f8079369 Location:

Summary Statistics: Mean 0.30308934226357864; Min. 0.0; Valid 1524.0; StDev 0.1754186549959725; Max. 1.005725383758545

Variable Format: numeric

Notes: UNF:6:k0DdKe31nHUiuQXjOiayJA==

market-book ratio

f8079369 Location:

Summary Statistics: Valid 1531.0; StDev 2.1242617825221624; Mean 2.4647607875903947; Min. 0.0; Max. 10.0;

Variable Format: numeric

Notes: UNF:6:yEbezkEvjQaOdbp5YpUdow==

cashflow volatility

f8079369 Location:

Summary Statistics: Valid 1483.0; Min. 5.392507300712168E-4; Max. 0.24954193830490112; StDev 0.01955366171965906; Mean 0.015315931446406604

Variable Format: numeric

Notes: UNF:6:gjQ1Zpc2tC6jDfbsACrHzQ==

audit fee/at

f8079369 Location:

Summary Statistics: Valid 1531.0; Min. 2.5517949325148948E-5; Max. 0.025367723777890205; Mean 0.0014026565739074805; StDev 0.0019394610612788125;

Variable Format: numeric

Notes: UNF:6:5w4SLm66qQS0WQ2N8EWGsw==

altman zscore

f8079369 Location:

Summary Statistics: StDev 1.4924889588194605; Min. -10.386356353759766; Valid 1475.0; Mean 1.8600291942576215; Max. 12.025528907775879

Variable Format: numeric

Notes: UNF:6:jvaYfIXTCDZoGKb7/qZyRA==

MSA

f8079369 Location:

Variable Format: character

Notes: UNF:6:4UxYOAts10ATe2mljiHAwA==

Standard Industrial Classification Code

f8079369 Location:

Summary Statistics: Valid 1531.0; Min. 180.0; StDev 1982.2409283107197; Mean 4930.135858915738; Max. 8742.0;

Variable Format: numeric

Notes: UNF:6:gq7Du8Zq1oRFyB1iJH84dQ==

State/Province

f8079369 Location:

Variable Format: character

Notes: UNF:6:cNIEIm541evITtpgXVEYLg==

Auditor city

f8079369 Location:

Variable Format: character

Notes: UNF:6:O+Ne7bmbW/YhJZ+G3kld0Q==

Lender

f8079369 Location:

Variable Format: character

Notes: UNF:6:OgXVYyRL2Pdrwnghb5n0QQ==

shuffle

f8079369 Location:

Summary Statistics: StDev 0.3046415588159315; Valid 1531.0; Mean 0.5618253885963044; Min. 0.0018605856870429482; Max. 0.9985999238942037;

Variable Format: numeric

Notes: UNF:6:IR3GntpPjDbyKMEXZaKdtQ==

tag(gvkey)

f8079369 Location:

Summary Statistics: Max. 1.0; Min. 0.0; Valid 1531.0; Mean 0.16590463749183587; StDev 0.37211655886793277

Variable Format: numeric

Notes: UNF:6:FnT9zPDpjR1IQvtnwEOTPA==

keeper

f8079369 Location:

Summary Statistics: Valid 1531.0; Min. 1.0; StDev 0.0; Mean 1.0; Max. 1.0;

Variable Format: numeric

Notes: UNF:6:UpSObWH4vmy4yqjg5LJKlA==

pseudo firm identifier

f8079361 Location:

Summary Statistics: Min. 1.0; Mean 113.38988095238044; Max. 259.0; StDev 75.39791957336604; Valid 672.0

Variable Format: numeric

Notes: UNF:6:hOqZWO4U+CN/y+6Pe0LrIA==

Fiscal year of opinion

f8079361 Location:

Summary Statistics: Mean 2001.983630952381; Valid 672.0; Max. 2004.0; StDev 1.3532650478861894; Min. 2000.0;

Variable Format: numeric

Notes: UNF:6:g5dXFVruCyw4FNvYeHqxkw==

log total asset

f8079361 Location:

Summary Statistics: Max. 11.663233757019043; Min. 1.3992105722427368; StDev 1.9214556287159406; Mean 6.839556909920215; Valid 672.0

Variable Format: numeric

Notes: UNF:6:zJMBtEumuKhLFuxJxvSMbw==

return on assets

f8079361 Location:

Summary Statistics: StDev 0.17192262213241444; Mean 0.11628194068266777; Max. 0.8966391682624817; Min. -1.6958926916122437; Valid 672.0;

Variable Format: numeric

Notes: UNF:6:adrDH3zU211DZHXmP+6uLg==

tangible assets

f8079361 Location:

Summary Statistics: Valid 672.0; Max. 0.9399898648262024; Min. 0.0012730499729514122; StDev 0.21603705099459142; Mean 0.2914881912417642

Variable Format: numeric

Notes: UNF:6:8C8HrdJ3GDBw+AinVNg2lA==

leverage

f8079361 Location:

Summary Statistics: Max. 1.8962242603302002; Min. 0.0; Mean 0.2854372487132062; StDev 0.22575260771391964; Valid 671.0

Variable Format: numeric

Notes: UNF:6:m4PfdX/l20HCtWmlauAVgw==

market-book ratio

f8079361 Location:

Summary Statistics: StDev 1.9660382391887574; Valid 672.0; Mean 2.461369601721388; Max. 10.0; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:t+JSfIAxKIa87Z3Ik7xmVA==

cashflow volatility

f8079361 Location:

Summary Statistics: StDev 0.01756919890926548; Max. 0.1415761262178421; Valid 637.0; Mean 0.016521038664186867; Min. 5.392507300712168E-4

Variable Format: numeric

Notes: UNF:6:ZQrMSnAxjlr6SfZxJZ9R5A==

audit fee/at

f8079361 Location:

Summary Statistics: Min. 2.0128303731326014E-5; Mean 0.0014119030655051288; Max. 0.03086419776082039; StDev 0.002443222517177358; Valid 672.0

Variable Format: numeric

Notes: UNF:6:65lpr/mMqneu60PcBHRJow==

altman zscore

f8079361 Location:

Summary Statistics: Max. 12.025528907775879; StDev 2.162005733239504; Valid 647.0; Mean 1.8064040825169672; Min. -29.198122024536133;

Variable Format: numeric

Notes: UNF:6:VAXGSory4+NPzUJxK8S9hg==

Standard Industrial Classification Code

f8079361 Location:

Summary Statistics: Min. 181.0; Valid 672.0; Mean 4500.779761904761; StDev 1766.6272307946963; Max. 8742.0

Variable Format: numeric

Notes: UNF:6:wVYW3dPnixa/hPOAyP1jZw==

pseudo firm identifier

f8079368 Location:

Summary Statistics: Max. 259.0; StDev 75.54341669926558; Mean 114.57640232108258; Valid 1034.0; Min. 1.0

Variable Format: numeric

Notes: UNF:6:GCf1VgP/l22lLDcC+R2KmQ==

Fiscal year of opinion

f8079368 Location:

Summary Statistics: Mean 2002.0241779497098; Min. 2000.0; Max. 2004.0; Valid 1034.0; StDev 1.3499114564406225

Variable Format: numeric

Notes: UNF:6:1kqZOnQ04bmQgsQXNrPrNA==

calender year

f8079368 Location:

Summary Statistics: StDev 1.4131344063507338; Min. 2000.0; Mean 2002.13249516441; Max. 2005.0; Valid 1034.0;

Variable Format: numeric

Notes: UNF:6:hwhoy7LHzdgb3jwP/c2B6g==

log loan spread

f8079368 Location:

Summary Statistics: Min. 2.140066146850586; Mean 4.918532287129116; StDev 0.8931273740083542; Valid 1034.0; Max. 6.956545352935791

Variable Format: numeric

Notes: UNF:6:0BKsFSAb1jyUZnIwnlnFzA==

loan size

f8079368 Location:

Summary Statistics: StDev 0.32257532813457673; Valid 1034.0; Min. 6.257822387851775E-4; Mean 0.17960761309821072; Max. 8.673967361450195;

Variable Format: numeric

Notes: UNF:6:Jwi9LdZlgoRniEEHrOsu3w==

log loan maturity

f8079368 Location:

Summary Statistics: Mean 3.5208841526531387; Max. 5.4806389808654785; StDev 0.7282330034524431; Min. 0.0; Valid 1034.0;

Variable Format: numeric

Notes: UNF:6:/Z7Q0drryxwqDiD0i280Ew==

syndicate loan

f8079368 Location:

Summary Statistics: Max. 1.0; Min. 0.0; Valid 1034.0; Mean 0.9390715667311418; StDev 0.23931474595644725

Variable Format: numeric

Notes: UNF:6:BExFfyOwEApFpkgyKbDpVg==

log total asset

f8079368 Location:

Summary Statistics: Min. 1.3992105722427368; Max. 11.663233757019043; Valid 1034.0; Mean 6.959592862216838; StDev 1.9338485848451454

Variable Format: numeric

Notes: UNF:6:LkugQt+/+gwo1mZtZXCcEQ==

return on assets

f8079368 Location:

Summary Statistics: Valid 1034.0; StDev 0.15102203546414708; Max. 0.8966391682624817; Min. -1.6958926916122437; Mean 0.11498202100344129

Variable Format: numeric

Notes: UNF:6:QWLvOTmbPXagsZDlCsNJkg==

tangible assets

f8079368 Location:

Summary Statistics: Max. 0.9399898648262024; Mean 0.2960462884408219; Valid 1034.0; StDev 0.21172616343149328; Min. 0.0012730499729514122

Variable Format: numeric

Notes: UNF:6:FICFaQ1WcOcguu045+EZ5g==

leverage

f8079368 Location:

Summary Statistics: Min. 0.0; StDev 0.21306653189125727; Mean 0.2986369508834671; Max. 1.8962242603302002; Valid 1033.0;

Variable Format: numeric

Notes: UNF:6:pD8sHtf7xBJlXTcRLtoGBg==

market-book ratio

f8079368 Location:

Summary Statistics: StDev 2.009770285571875; Max. 10.0; Valid 1034.0; Mean 2.4868606434021783; Min. 0.0

Variable Format: numeric

Notes: UNF:6:ku28bM5oYbddkApYmoUYzA==

cashflow volatility

f8079368 Location:

Summary Statistics: Max. 0.1415761262178421; Min. 5.392507300712168E-4; Mean 0.01649525952091852; Valid 980.0; StDev 0.017688083560871797;

Variable Format: numeric

Notes: UNF:6:OaexTdqRDJCNFvemep4ccA==

audit fee/at

f8079368 Location:

Summary Statistics: StDev 0.0022315856150781094; Min. 2.0128303731326014E-5; Mean 0.0013174095068700178; Valid 1034.0; Max. 0.03086419776082039

Variable Format: numeric

Notes: UNF:6:/6UqoQGofdo9ebQZW43c/w==

altman zscore

f8079368 Location:

Summary Statistics: Max. 12.025528907775879; Min. -29.198122024536133; Valid 1005.0; Mean 1.778845200677448; StDev 2.10952365580552

Variable Format: numeric

Notes: UNF:6:MfqqDEYSWaN4+Jjrfbs5rw==

treat

f8079368 Location:

Summary Statistics: StDev 0.49866644492370693; Max. 1.0; Min. 0.0; Mean 0.5396518375241786; Valid 1034.0;

Variable Format: numeric

Notes: UNF:6:rrKvHrh5p6XAAHi+YORUZQ==

post

f8079368 Location:

Summary Statistics: Valid 1034.0; Max. 1.0; Min. 0.0; Mean 0.6121856866537717; StDev 0.48748764260473115

Variable Format: numeric

Notes: UNF:6:WA2Nuj2Lu2YMHjWfs7y+tg==

MSA

f8079368 Location:

Variable Format: character

Notes: UNF:6:KAA5YTfdBMYM0vTbDK9hFA==

Standard Industrial Classification Code

f8079368 Location:

Summary Statistics: Valid 1034.0; Min. 181.0; StDev 1743.1655084536812; Mean 4529.338491295943; Max. 8742.0;

Variable Format: numeric

Notes: UNF:6:7eA35Fu8kZ10ro/An5WKQw==

State/Province

f8079368 Location:

Variable Format: character

Notes: UNF:6:QOdyAUcShScS+zscA+3PCg==

Auditor city

f8079368 Location:

Variable Format: character

Notes: UNF:6:XfV1hC0j0eQa6SF8Gj+1wA==

Lender

f8079368 Location:

Variable Format: character

Notes: UNF:6:yrX+i4YGlNDp+c1LkDacaQ==

number of fin covenants

f8079368 Location:

Summary Statistics: Min. 1.0; StDev 1.1364529069956644; Mean 2.530434782608697; Max. 8.0; Valid 690.0

Variable Format: numeric

Notes: UNF:6:pyyktCpP4YC3QcFOVJNXGg==

prob of fin covenant violation

f8079368 Location:

Summary Statistics: Max. 1.0; Valid 642.0; Mean 0.3835560752338564; Min. 0.0; StDev 0.41343107283560493;

Variable Format: numeric

Notes: UNF:6:DwQ6iI1jUsnL5PC1fr8Esg==

pseudo firm identifier

f8079362 Location:

Summary Statistics: Max. 259.0; Valid 835.0; Mean 113.6766467065872; Min. 1.0; StDev 75.67216537302946

Variable Format: numeric

Notes: UNF:6:bZn4W43bG8koueg5ZenlKw==

treat

f8079362 Location:

Summary Statistics: StDev 0.4983840686435062; Min. 0.0; Mean 0.5437125748502996; Valid 835.0; Max. 1.0

Variable Format: numeric

Notes: UNF:6:o3dLVj9Vh3NJ7jwslhkwIA==

Fiscal year of opinion

f8079362 Location:

Summary Statistics: StDev 1.3360807575917293; Max. 2004.0; Min. 2000.0; Mean 2002.1209580838324; Valid 835.0

Variable Format: numeric

Notes: UNF:6:gHd8Br3+C5RvLjIOGg4bGQ==

post

f8079362 Location:

Summary Statistics: Mean 0.6455089820359284; Min. 0.0; Valid 835.0; Max. 1.0; StDev 0.4786454942980188;

Variable Format: numeric

Notes: UNF:6:X5J42CFqlrbvyLpVJc0jUA==

more analyst following dummy

f8079362 Location:

Summary Statistics: Min. 0.0; Mean 0.364071856287426; StDev 0.48145731473270015; Max. 1.0; Valid 835.0

Variable Format: numeric

Notes: UNF:6:Wfanepnx38c9Wzn/8vbqiQ==

log loan spread

f8079362 Location:

Summary Statistics: Min. 2.140066146850586; Valid 835.0; StDev 0.9067275534255179; Mean 4.885863101696537; Max. 6.956545352935791

Variable Format: numeric

Notes: UNF:6:Ww6DA9LNhavU5/YTnbLmCQ==

loan size

f8079362 Location:

Summary Statistics: StDev 0.3368283193266452; Mean 0.17723746733561493; Max. 8.673967361450195; Valid 835.0; Min. 6.257822387851775E-4;

Variable Format: numeric

Notes: UNF:6:Fcko6n740nhOo3k7jGKaIQ==

log loan maturity

f8079362 Location:

Summary Statistics: Max. 5.4806389808654785; Min. 0.0; Mean 3.550609615891278; Valid 835.0; StDev 0.7339674547977034;

Variable Format: numeric

Notes: UNF:6:uaVBxRUl8ak60VHTs+UT7Q==

syndicate loan

f8079362 Location:

Summary Statistics: Mean 0.94251497005988; Min. 0.0; StDev 0.2329065604544584; Max. 1.0; Valid 835.0;

Variable Format: numeric

Notes: UNF:6:j8YT1LOl0/U40eL3/LMTfA==

log total asset

f8079362 Location:

Summary Statistics: Mean 7.1112896296792485; Min. 2.7732136249542236; Max. 10.951648712158203; StDev 1.8153035432013267; Valid 835.0;

Variable Format: numeric

Notes: UNF:6:86wWLKUnHZWWFcaEYIAvRQ==

return on assets

f8079362 Location:

Summary Statistics: Min. -1.6958926916122437; Valid 835.0; Max. 0.8966391682624817; StDev 0.1504987090599329; Mean 0.12284360685145969;

Variable Format: numeric

Notes: UNF:6:4tIC55LHvdHg3CI2P9LbQw==

tangible assets

f8079362 Location:

Summary Statistics: StDev 0.20542012379551872; Mean 0.30536383310120985; Min. 0.02563389018177986; Valid 835.0; Max. 0.9200414419174194

Variable Format: numeric

Notes: UNF:6:i8i9EqCUfQalCiouPa0jnw==

leverage

f8079362 Location:

Summary Statistics: Max. 1.8962242603302002; Min. 0.0; Valid 835.0; StDev 0.21865578924035312; Mean 0.31281075435037037;

Variable Format: numeric

Notes: UNF:6:a+JEg/vAypjH0WNEFnAlKA==

market-book ratio

f8079362 Location:

Summary Statistics: Max. 10.0; Min. 0.0; StDev 1.9601175676147022; Mean 2.5016658322004526; Valid 835.0

Variable Format: numeric

Notes: UNF:6:Fnq9K4dKF1q+GyuI6mM76g==

cashflow volatility

f8079362 Location:

Summary Statistics: Max. 0.1415761262178421; StDev 0.018018687322437155; Min. 8.488239254802465E-4; Valid 835.0; Mean 0.0166089289570729

Variable Format: numeric

Notes: UNF:6:USk8w5QWYo6NB4XokqBTGw==

audit fee/at

f8079362 Location:

Summary Statistics: Mean 0.0011042261894011242; Min. 4.481036739889532E-5; StDev 0.0012731626199739008; Max. 0.009815081022679806; Valid 835.0;

Variable Format: numeric

Notes: UNF:6:sEHcEfH+dspguKOKw8BNog==

altman zscore

f8079362 Location:

Summary Statistics: StDev 2.187074987006226; Valid 835.0; Min. -29.198122024536133; Mean 1.8385193838877347; Max. 12.025528907775879;

Variable Format: numeric

Notes: UNF:6:ZOKogWOo/W2iG0I4VvBKDQ==

MSA

f8079362 Location:

Variable Format: character

Notes: UNF:6:J+WUTmdLRcGvQZuVIPNbGg==

Standard Industrial Classification Code

f8079362 Location:

Summary Statistics: StDev 1722.663908346373; Valid 835.0; Min. 181.0; Mean 4501.619161676646; Max. 8741.0;

Variable Format: numeric

Notes: UNF:6:ZtcD/5fEpsB3zQ9Y8AjlfA==

State/Province

f8079362 Location:

Variable Format: character

Notes: UNF:6:fONIwh3GccHSih2S5/Z2/g==

Auditor city

f8079362 Location:

Variable Format: character

Notes: UNF:6:a2b3QkF0PCYxsEg+Nbkn1Q==

Lender

f8079362 Location:

Variable Format: character

Notes: UNF:6:edN1KQYC1mr7QgYQheumLw==

pseudo firm identifier

f8079366 Location:

Summary Statistics: Max. 258.0; Mean 119.67418546365862; StDev 74.2645858937359; Min. 2.0; Valid 798.0

Variable Format: numeric

Notes: UNF:6:fgBPfMXGRbsKO733Z4+Drg==

treat

f8079366 Location:

Summary Statistics: Mean 0.5062656641604003; Valid 798.0; Min. 0.0; Max. 1.0; StDev 0.5002742932440164;

Variable Format: numeric

Notes: UNF:6:9o4L94ktyvi2t+PyoFSL8g==

Fiscal year of opinion

f8079366 Location:

Summary Statistics: Max. 2004.0; Min. 2000.0; StDev 1.354383167334202; Valid 798.0; Mean 2002.1002506265663

Variable Format: numeric

Notes: UNF:6:2QmLxOB5Xn39OvspBLOmYQ==

post

f8079366 Location:

Summary Statistics: Max. 1.0; Min. 0.0; Mean 0.6390977443609022; StDev 0.4805634375768523; Valid 798.0

Variable Format: numeric

Notes: UNF:6:TbpC/iMZU/hTwsD/qkoOrg==

higher operating cash flow dummy

f8079366 Location:

Summary Statistics: Min. 0.0; Mean 0.5576441102756896; Max. 1.0; StDev 0.4969775283127307; Valid 798.0

Variable Format: numeric

Notes: UNF:6:0pn3MXQWGtI8WqUwwTSCZQ==

log loan spread

f8079366 Location:

Summary Statistics: Valid 798.0; StDev 0.872778114392137; Min. 2.70805025100708; Max. 6.956545352935791; Mean 5.008602216727752

Variable Format: numeric

Notes: UNF:6:jn6RriwlahvTBGNTyZjwIQ==

loan size

f8079366 Location:

Summary Statistics: Min. 9.503223118372262E-4; Mean 0.1959536754981211; StDev 0.360630451615897; Valid 798.0; Max. 8.673967361450195;

Variable Format: numeric

Notes: UNF:6:X9JZnRiL8ek98mRLMU1luw==

log loan maturity

f8079366 Location:

Summary Statistics: Mean 3.5885124045207086; Valid 798.0; Max. 5.4806389808654785; Min. 0.0; StDev 0.7022097028541476;

Variable Format: numeric

Notes: UNF:6:0hHT3SRWwEF7PUygfwd0Vg==

syndicate loan

f8079366 Location:

Summary Statistics: Max. 1.0; Valid 798.0; Mean 0.9348370927318298; StDev 0.24696788310403353; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:oxbOr1aRINUBps7GWNVNxQ==

log total asset

f8079366 Location:

Summary Statistics: StDev 1.9541273647241355; Min. 1.3992105722427368; Mean 6.761367285311364; Valid 798.0; Max. 10.714195251464844

Variable Format: numeric

Notes: UNF:6:BNNDcqtVuI+amzgVGG2ReQ==

return on assets

f8079366 Location:

Summary Statistics: Valid 798.0; StDev 0.16018946676881468; Mean 0.11313003827954883; Min. -1.6958926916122437; Max. 0.8966391682624817;

Variable Format: numeric

Notes: UNF:6:UqglqrKsrK6E/2rCtPSZyg==

tangible assets

f8079366 Location:

Summary Statistics: Mean 0.30129474833056824; Min. 0.010501155629754066; Valid 798.0; Max. 0.9399898648262024; StDev 0.21675544361692872

Variable Format: numeric

Notes: UNF:6:HzbqcS2/cRnVO9KwAnqopw==

leverage

f8079366 Location:

Summary Statistics: Min. 0.0; Mean 0.3051673606072415; Valid 798.0; Max. 1.8962242603302002; StDev 0.22682755358469897

Variable Format: numeric

Notes: UNF:6:gxZgKqV9rw7qe0jAyk6BqQ==

market-book ratio

f8079366 Location:

Summary Statistics: Mean 2.3543179863340296; StDev 1.8503540129905578; Valid 798.0; Min. 0.0; Max. 10.0

Variable Format: numeric

Notes: UNF:6:yQ0U5UUHpKqywXi4nUuOnQ==

cashflow volatility

f8079366 Location:

Summary Statistics: Mean 0.016063373689924887; StDev 0.01778766807709056; Min. 9.980339091271162E-4; Valid 798.0; Max. 0.1415761262178421

Variable Format: numeric

Notes: UNF:6:c9r7LjvELP7GjEQIdNRWaQ==

audit fee/at

f8079366 Location:

Summary Statistics: Max. 0.03086419776082039; StDev 0.0021760277540164006; Mean 0.0014357048229997954; Valid 798.0; Min. 4.481036739889532E-5

Variable Format: numeric

Notes: UNF:6:0vd5HcyZYcmqP8JNZCZFLg==

altman zscore

f8079366 Location:

Summary Statistics: Max. 12.025528907775879; Mean 1.7663567192061176; StDev 2.2627421730164303; Min. -29.198122024536133; Valid 798.0

Variable Format: numeric

Notes: UNF:6:8pXcNFPZw7WvVL5v+HrVkA==

MSA

f8079366 Location:

Variable Format: character

Notes: UNF:6:aghWKxWAndkDclp6RbgzsQ==

Standard Industrial Classification Code

f8079366 Location:

Summary Statistics: StDev 1782.8828589394498; Valid 798.0; Max. 8741.0; Min. 181.0; Mean 4558.951127819553

Variable Format: numeric

Notes: UNF:6:zoAp9aQV3uyzCFc4jLG1JA==

State/Province

f8079366 Location:

Variable Format: character

Notes: UNF:6:q+6LXX4AJi59SDjGt1rNwg==

Auditor city

f8079366 Location:

Variable Format: character

Notes: UNF:6:PZLU/uWxp5oOEDvt5Qi/QQ==

Lender

f8079366 Location:

Variable Format: character

Notes: UNF:6:xcQDc0fignRHQEgrz4I7Uw==

pseudo firm identifier

f8079365 Location:

Summary Statistics: Max. 259.0; StDev 75.17529298520174; Min. 1.0; Valid 951.0; Mean 113.61829652996958;

Variable Format: numeric

Notes: UNF:6:IcKirEFiTQbQ8vntN2wJcw==

treat

f8079365 Location:

Summary Statistics: Max. 1.0; StDev 0.4992994150970061; Valid 951.0; Mean 0.5310199789695058; Min. 0.0

Variable Format: numeric

Notes: UNF:6:XC/HZRkLj9Kf9+KVWKN/Jg==

Fiscal year of opinion

f8079365 Location:

Summary Statistics: Min. 2000.0; Valid 951.0; Max. 2004.0; StDev 1.3517069311243277; Mean 2002.087276550999

Variable Format: numeric

Notes: UNF:6:dervhi8W++902M0PY4+p2Q==

post

f8079365 Location:

Summary Statistics: StDev 0.4825243085485458; Valid 951.0; Max. 1.0; Min. 0.0; Mean 0.6319663512092534

Variable Format: numeric

Notes: UNF:6:TG2dZJXy8nKmmZaeJK4BnQ==

more important firm dummy

f8079365 Location:

Summary Statistics: StDev 0.4969662794105986; Mean 0.5573080967402735; Min. 0.0; Max. 1.0; Valid 951.0;

Variable Format: numeric

Notes: UNF:6:blqFmqeqoLQE89srlFDn0g==

log loan spread

f8079365 Location:

Summary Statistics: Mean 4.925044921921125; Max. 6.956545352935791; StDev 0.8979883424270225; Min. 2.140066146850586; Valid 951.0

Variable Format: numeric

Notes: UNF:6:ZBTzNctRwRYKNH+gq4LUQg==

loan size

f8079365 Location:

Summary Statistics: Min. 6.257822387851775E-4; StDev 0.3342244065374125; Mean 0.1846166134711069; Valid 951.0; Max. 8.673967361450195

Variable Format: numeric

Notes: UNF:6:dbzGUW8ZfubCXYBDz+LKdQ==

log loan maturity

f8079365 Location:

Summary Statistics: Mean 3.551076523137016; Valid 951.0; Max. 5.4806389808654785; StDev 0.7207764102637761; Min. 0.0

Variable Format: numeric

Notes: UNF:6:kTsNEY6xV0wf5LUrk/SdAQ==

syndicate loan

f8079365 Location:

Summary Statistics: Mean 0.9411146161934802; Min. 0.0; Max. 1.0; Valid 951.0; StDev 0.23553392538484544

Variable Format: numeric

Notes: UNF:6:JLAmkZZ5DaD4FPAzw1erbg==

log total asset

f8079365 Location:

Summary Statistics: Max. 10.951648712158203; Valid 951.0; Min. 1.3992105722427368; Mean 6.936836206198485; StDev 1.918012313998981

Variable Format: numeric

Notes: UNF:6:wgKqfK3TLVJ50yZIJiQMfg==

return on assets

f8079365 Location:

Summary Statistics: Min. -1.6958926916122437; Valid 951.0; Max. 0.8966391682624817; Mean 0.11778095533905326; StDev 0.1494576390856041;

Variable Format: numeric

Notes: UNF:6:JwVz4OGxITgJrb1s7gB78Q==

tangible assets

f8079365 Location:

Summary Statistics: Max. 0.9399898648262024; StDev 0.2124365180404538; Mean 0.30299394913252775; Valid 951.0; Min. 0.010501155629754066

Variable Format: numeric

Notes: UNF:6:rGiRpzub9lYQ86fUylUfCA==

leverage

f8079365 Location:

Summary Statistics: StDev 0.2150756025633605; Valid 951.0; Mean 0.30523910359263096; Max. 1.8962242603302002; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:pj+MfI9xwCPA0bt3gU9cdg==

market-book ratio

f8079365 Location:

Summary Statistics: StDev 1.9693596481840498; Max. 10.0; Valid 951.0; Mean 2.477189963125277; Min. 0.0

Variable Format: numeric

Notes: UNF:6:TaghWbbvTfP8fHpLfpXt6w==

cashflow volatility

f8079365 Location:

Summary Statistics: Valid 951.0; Mean 0.016733056651898365; Max. 0.1415761262178421; Min. 8.488239254802465E-4; StDev 0.017839767902634564

Variable Format: numeric

Notes: UNF:6:isiIm5fNOCjnZH+/LhKATg==

audit fee/at

f8079365 Location:

Summary Statistics: Valid 951.0; Max. 0.03086419776082039; Mean 0.0013009121640912258; Min. 4.481036739889532E-5; StDev 0.002031280349791685;

Variable Format: numeric

Notes: UNF:6:OdbyRGbUfc9ZKlUlV7Me3A==

altman zscore

f8079365 Location:

Summary Statistics: Mean 1.7915632794028438; Min. -29.198122024536133; StDev 2.140772976069145; Max. 12.025528907775879; Valid 951.0;

Variable Format: numeric

Notes: UNF:6:AjJx+4MSu8DK8Q9HbVyUlw==

MSA

f8079365 Location:

Variable Format: character

Notes: UNF:6:LBnsORJ7XbdQlZXETfwJHg==

Standard Industrial Classification Code

f8079365 Location:

Summary Statistics: Valid 951.0; Max. 8741.0; StDev 1739.470101253578; Mean 4494.150368033649; Min. 181.0;

Variable Format: numeric

Notes: UNF:6:eaxK9l5h/wpTzABxWwQ2cA==

State/Province

f8079365 Location:

Variable Format: character

Notes: UNF:6:2xhNSIPcxvnTJCnGrS7azQ==

Auditor city

f8079365 Location:

Variable Format: character

Notes: UNF:6:X7BT9PEmh/5ZlXUE4Z7HuA==

Lender

f8079365 Location:

Variable Format: character

Notes: UNF:6:eL7nxbnF1KoORQwqsst7LQ==

estimated coefficient

f8079370 Location:

Summary Statistics: Mean -0.07514117724106958; Valid 6.0; StDev 0.09055877042811551; Max. 0.002193775726482272; Min. -0.22895538806915283

Variable Format: numeric

Notes: UNF:6:wcWHMY/x+8SibtcjyQuRQw==

lower bound

f8079370 Location:

Summary Statistics: Max. -0.18787921965122223; StDev 0.06991617095538764; Mean -0.22593314349651336; Min. -0.35059237480163574; Valid 5.0;

Variable Format: numeric

Notes: UNF:6:C4Znox/GphTWGPvsrrC/4g==

upper bound

f8079370 Location:

Summary Statistics: Max. 0.20654770731925964; Min. -0.10731838643550873; Valid 5.0; StDev 0.1327516547601131; Mean 0.04559431858360766

Variable Format: numeric

Notes: UNF:6:a8bAmG0fcJRDYkloHHjiCQ==

fyear

f8079370 Location:

Summary Statistics: Mean 2001.5; StDev 1.8708286933869707; Max. 2004.0; Valid 6.0; Min. 1999.0

Variable Format: numeric

Notes: UNF:6:0O5NLRjxhixULobauhZyqw==

post

f8079370 Location:

Summary Statistics: Valid 6.0; Max. 1.0; Mean 0.5; StDev 0.5477225575051661; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:vBSXTPRGU0oZy9qDQLTlLQ==

pseudo firm identifier

f8079371 Location:

Summary Statistics: Valid 332.0; Mean 126.85843373493962; StDev 76.32088298370579; Max. 259.0; Min. 1.0

Variable Format: numeric

Notes: UNF:6:Yv34gzLAbCSVvTLkmRDIQw==

log total asset

f8079371 Location:

Summary Statistics: StDev 1.8932517873563885; Max. 11.492735862731934; Valid 332.0; Min. 1.801379680633545; Mean 6.136984486177746

Variable Format: numeric

Notes: UNF:6:8Ge9HhGNX2pegbQGgjWChw==

return on assets

f8079371 Location:

Summary Statistics: Valid 332.0; StDev 0.16475976764957206; Min. -0.8676022887229919; Max. 0.8387416005134583; Mean 0.09934153686525107

Variable Format: numeric

Notes: UNF:6:SnfI9wL4CeS2inLazYQApw==

tangible assets

f8079371 Location:

Summary Statistics: Valid 332.0; StDev 0.22889874934954574; Min. 0.0012730499729514122; Max. 0.9179696440696716; Mean 0.2971252012220828;

Variable Format: numeric

Notes: UNF:6:uP2/J9EFu1fdl5aoneIWAA==

discretionary accruals

f8079371 Location:

Summary Statistics: StDev 0.14483008260471938; Mean -0.01981476583260011; Min. -0.5334526300430298; Max. 0.5217654705047607; Valid 332.0

Variable Format: numeric

Notes: UNF:6:HgLLJhyHzKdYzoOi+W4+DQ==

accounting restatement wth negative impacts

f8079371 Location:

Summary Statistics: Min. 0.0; StDev 0.3668233710910031; Max. 1.0; Valid 332.0; Mean 0.1596385542168676

Variable Format: numeric

Notes: UNF:6:I5NzEC4Ga6PQB6QpbZGv/Q==

treat

f8079371 Location:

Summary Statistics: Mean 0.5240963855421685; Max. 1.0; StDev 0.5001728671431227; Valid 332.0; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:FJGlsF7KHW6yMSKvEk5XWw==

pseudo firm identifier

f8079363 Location:

Summary Statistics: Max. 325.0; Min. 1.0; Valid 325.0; Mean 163.0; StDev 93.96364545219957;

Variable Format: numeric

Notes: UNF:6:x5Jt0DK8JagQ80Kh11kbhQ==

log total asset

f8079363 Location:

Summary Statistics: Max. 13.08700180053711; Valid 325.0; StDev 2.0447521108373103; Mean 6.571202292075522; Min. 1.220829963684082

Variable Format: numeric

Notes: UNF:6:d7OqgLLe30NY5GBSjG0fJQ==

return on assets

f8079363 Location:

Summary Statistics: StDev 0.2063963220088701; Mean 0.09995115060203077; Max. 0.8387416005134583; Min. -2.2316272258758545; Valid 306.0;

Variable Format: numeric

Notes: UNF:6:+2iNLMHBw0KNyWmYKcnfxQ==

tangible assets

f8079363 Location:

Summary Statistics: Mean 0.27362604427501785; Valid 303.0; StDev 0.218332186560125; Max. 0.9138961434364319; Min. 0.0026276996359229088

Variable Format: numeric

Notes: UNF:6:hE9TsWT932h2I8HMdrL5kQ==

discretionary accruals

f8079363 Location:

Summary Statistics: Max. 0.6881258487701416; Valid 287.0; Mean -0.011247827200939451; StDev 0.17698282810682847; Min. -0.9401315450668335

Variable Format: numeric

Notes: UNF:6:A/G/466AIS1dP1Q9o5VHZw==

accounting restatement wth negative impacts

f8079363 Location:

Summary Statistics: Min. 0.0; Valid 325.0; Max. 1.0; StDev 0.35534181609797355; Mean 0.14769230769230768

Variable Format: numeric

Notes: UNF:6:hPaUqgf8EIOtB57B5DcO6g==

treat

f8079363 Location:

Summary Statistics: Max. 1.0; Min. 0.0; Valid 325.0; Mean 0.5415384615384614; StDev 0.49903991394226455

Variable Format: numeric

Notes: UNF:6:byUH0tYMuvKbFiErAJ1qNw==

pseudo firm identifier

f8079364 Location:

Summary Statistics: StDev 75.95851758281367; Max. 259.0; Mean 122.85991379310411; Min. 1.0; Valid 1392.0;

Variable Format: numeric

Notes: UNF:6:cL1XytfTozvGGlCswHdtjA==

discretional accrual

f8079364 Location:

Summary Statistics: StDev 0.1412544042348809; Mean -0.009079571479093086; Valid 1382.0; Max. 1.0; Min. -1.0

Variable Format: numeric

Notes: UNF:6:X86XuG4aHoHNub4MmgZ08A==

fyear

f8079364 Location:

Summary Statistics: Mean 2002.0466954022988; Min. 2000.0; Valid 1392.0; StDev 1.349165623041596; Max. 2004.0

Variable Format: numeric

Notes: UNF:6:pSNW+xJMblKcUjNH5fQbyg==

accounting restatement wth negative impacts

f8079364 Location:

Summary Statistics: StDev 0.39102694486412465; Valid 1392.0; Max. 1.0; Min. 0.0; Mean 0.1882183908045979

Variable Format: numeric

Notes: UNF:6:3Y4Sh7fOzWIex6oHNj+W4A==

lag accounting restatement wth negative impacts

f8079364 Location:

Summary Statistics: Max. 1.0; Min. 0.0; Valid 1059.0; StDev 0.3806911493457356; Mean 0.17563739376770565;

Variable Format: numeric

Notes: UNF:6:wyrQN5ThY2WMWY3MUN2kDA==

amihud original

f8079364 Location:

Summary Statistics: StDev 3.2283830499346613; Valid 1392.0; Max. 31.353212694406707; Min. 2.2521364029791534E-5; Mean 1.107202828776063

Variable Format: numeric

Notes: UNF:6:Ur6dzNLdxu+sJucngfxckQ==

amihud refined

f8079364 Location:

Summary Statistics: Min. 2.169991969011003E-5; Max. 10.599156449062635; Valid 1392.0; Mean 0.5228673088437858; StDev 1.2747839209276688;

Variable Format: numeric

Notes: UNF:6:txBDTiQifAgTUEgy8KJSsA==

treat

f8079364 Location:

Summary Statistics: Max. 1.0; Valid 1392.0; StDev 0.49995196725085345; Mean 0.5150862068965508; Min. 0.0

Variable Format: numeric

Notes: UNF:6:dT1SIe4HSmrW8OlkyJplSw==

post

f8079364 Location:

Summary Statistics: Max. 1.0; StDev 0.48695296840211993; Min. 0.0; Mean 0.6142241379310344; Valid 1392.0

Variable Format: numeric

Notes: UNF:6:VwgldmqMPPlx2UfkXJUVsQ==

log total asset

f8079364 Location:

Summary Statistics: Valid 1392.0; Max. 11.663233757019043; Mean 6.34016286324838; Min. 1.3992105722427368; StDev 1.9325406217767576

Variable Format: numeric

Notes: UNF:6:0IwNd3ryZDgPbPCiKP0r9w==

return on assets

f8079364 Location:

Summary Statistics: Valid 1392.0; Mean 0.11499587003579563; Min. -0.8676022887229919; StDev 0.13190589544633685; Max. 0.8966391682624817

Variable Format: numeric

Notes: UNF:6:fgfqBQ1s46w++yA0gIJCWw==

leverage

f8079364 Location:

Summary Statistics: StDev 0.21472934427024326; Mean 0.27349054478404494; Valid 1392.0; Max. 1.8962242603302002; Min. 0.0

Variable Format: numeric

Notes: UNF:6:pgbKtY8iiTa+mIyfQ8BucA==

market-book ratio

f8079364 Location:

Summary Statistics: Valid 1392.0; Min. 0.0; Max. 10.0; StDev 2.1782777112485743; Mean 2.441117606270287

Variable Format: numeric

Notes: UNF:6:UERBmgMO5/9T/yYLw++Ksw==

audit fee/at

f8079364 Location:

Summary Statistics: Mean 0.001823930578026158; Max. 0.03280318155884743; Valid 1392.0; StDev 0.003048410758705302; Min. 2.0128303731326014E-5;

Variable Format: numeric

Notes: UNF:6:88aWh2dYcZFFHY0wOV33xg==

MSA

f8079364 Location:

Summary Statistics: Max. 63.0; StDev 17.736020174788756; Mean 29.134339080459775; Min. 1.0; Valid 1392.0

Variable Format: numeric

Notes: UNF:6:bxErQPNTxbsxG4fWuky7zA==

Standard Industrial Classification Code

f8079364 Location:

Summary Statistics: Min. 181.0; Max. 8742.0; Mean 4580.928879310355; StDev 1789.4919492267245; Valid 1392.0

Variable Format: numeric

Notes: UNF:6:u4t3TuYc3L3HLAv6psGGlg==

msa

f8079372 Location:

Variable Format: character

Notes: UNF:6:O0J4uMDpG5BXmH2llAJkmQ==

treat

f8079372 Location:

Summary Statistics: Valid 12.0; Mean 0.5; Min. 0.0; StDev 0.5222329678670935; Max. 1.0

Variable Format: numeric

Notes: UNF:6:xgl3W9U9pRehPVKaVY3wxA==

HHI change from 2001 to 2002

f8079372 Location:

Summary Statistics: StDev 0.1208383888514457; Mean 0.06852481265862784; Valid 12.0; Max. 0.38167843222618103; Min. -0.05161915719509125;

Variable Format: numeric

Notes: UNF:6:7xS/d8Bhuh3jQTuBSfMbBA==

Audit switch freq change from 2001 to 2002

f8079372 Location:

Summary Statistics: StDev 0.1123346495527833; Min. -0.07500000298023224; Max. 0.3076923191547394; Mean 0.04458443366456777; Valid 12.0

Variable Format: numeric

Notes: UNF:6:A0YlgrO2vYCl1FE+QJ/sbg==

pseudo firm identifier

f8079367 Location:

Summary Statistics: StDev 80.58254029202342; Mean 130.75362318840567; Min. 1.0; Max. 259.0; Valid 207.0;

Variable Format: numeric

Notes: UNF:6:a3jqtfwJUMik/UBwmf6Nhw==

changes in audit fees

f8079367 Location:

Summary Statistics: Max. 4.989011764526367; Min. -1.3795403242111206; Valid 207.0; Mean 0.18328701490996066; StDev 0.4996770498114548;

Variable Format: numeric

Notes: UNF:6:hjqBFNtPZ34A7c9RbD7HEQ==

treat

f8079367 Location:

Summary Statistics: Max. 1.0; StDev 0.49626908765671807; Mean 0.570048309178744; Valid 207.0; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:2TWBz4AihVfcGWKTVE48kA==

log total asset

f8079367 Location:

Summary Statistics: Mean 6.068249134625791; Valid 207.0; StDev 2.0628871054481226; Max. 11.492735862731934; Min. 1.801379680633545

Variable Format: numeric

Notes: UNF:6:+62j/ujYJcunr5B0ZH9mKg==

industry segment numbers

f8079367 Location:

Summary Statistics: Min. 0.0; Max. 2.6390573978424072; Mean 0.7180417211735303; Valid 207.0; StDev 0.7543732481064247

Variable Format: numeric

Notes: UNF:6:3PSv29T+KxhQXG/TlQ81ng==

leverage

f8079367 Location:

Summary Statistics: Mean 0.2654773742915188; Min. 0.0; Valid 207.0; StDev 0.2935846787367251; Max. 1.8962242603302002

Variable Format: numeric

Notes: UNF:6:lCC7dHJtUvmGwPSPZMjdwg==

return on assets

f8079367 Location:

Summary Statistics: Min. -0.8676022887229919; StDev 0.18659373011059632; Valid 207.0; Mean 0.07556883050134434; Max. 0.8387416005134583

Variable Format: numeric

Notes: UNF:6:O9RirInuC2HYUCNmoOKgZQ==

inventory

f8079367 Location:

Summary Statistics: Min. -0.2880261540412903; StDev 0.1547191175124968; Max. 0.6901105046272278; Valid 206.0; Mean 0.12841383215364993

Variable Format: numeric

Notes: UNF:6:wjNrZsIbs7QlWD9AWIDhMQ==

auditor change dummy

f8079367 Location:

Summary Statistics: Valid 207.0; StDev 0.21493855763012493; Mean 0.0483091787439613; Max. 1.0; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:a7csvBUow9wWUA7rl9XTSg==

Big 4 auditors dummy

f8079367 Location:

Summary Statistics: Max. 1.0; Mean 0.8985507246376809; Min. 0.0; StDev 0.3026546400641911; Valid 207.0;

Variable Format: numeric

Notes: UNF:6:IZpfIjvHxJQqWhYkBPbf7g==

foreign sales dummy

f8079367 Location:

Summary Statistics: Valid 207.0; StDev 0.49128228673407864; Max. 1.0; Min. 0.0; Mean 0.4009661835748787

Variable Format: numeric

Notes: UNF:6:B1r7k4RCQfDwzFdVYJg++g==

Standard Industrial Classification Code

f8079367 Location:

Summary Statistics: Mean 4830.468599033815; StDev 1920.7396602496115; Max. 8742.0; Min. 1310.0; Valid 207.0

Variable Format: numeric

Notes: UNF:6:FdLXClk7/sAEJBUX2RerdQ==

msa

f8079367 Location:

Variable Format: character

Notes: UNF:6:ehZpsIlx+4/ql+Otql3uZw==

Other Study-Related Materials

Label:

RCFS_Replication.do

Notes:

application/x-stata-syntax