Variables

Descriptive statistics of the main variables

Mean

Median

5th Pctl.

95th Pctl.

Std dev

N

Investment (I/K)

0.478

0.076

0

0.903

18.621

89,769

Return (R)

1.4413

1.0526

0.544

2.199

2.248

89,646

Number of analysts (NA)

1.899

0

0

11

4.567

170,784

NAbis

5.721

3

1

19

6.4

56,693

Future return (R_t + 3)

2.047

1.18

0.6378

2.093

3.447

88,651

Cash flow (CF/K)

0.162

0.149

−0.496

0.894

35.694

89,741

Size

11.692

11.607

8.628

15.168

1.965

94,048

Market-to-book (M/B)

2.589

1.317

0.1604

6.643

4.167

94,576

Anti-director rights index (DRI)

0.615

0.56

0.27

0.96

0.244

170,784

Corruption (CO)

62.031

67

26

92

24.024

168,583

Press freedom (PF)

33.019

23

10

81

22.542

161,172

Political rights (PR)

2.25

1

1

7

1.974

161,172

Gross domestic product (GDP)

1890.82

21,691

558

37867

1371.4

162,756