Min

1/4

Medium

3/4

Max

Average

Std

Nobs

Panel A

Descriptive statistics based on observations pooled across years

AQ

0.001

0.016

0.028

0.045

0.281

0.037

0.029

17184

TRANS

0.004

0.173

0.289

0.422

1.351

0.312

0.182

14521

ECC

0.008

0.035

0.046

0.268

0.327

0.138

0.036

10442

MKT

−0.267

−0.054

0.027

0.088

0.296

0.018

0.103

150

SMB

−0.122

−0.015

0.017

0.042

0.102

0.014

0.046

150

HML

−0.083

−0.022

−0.001

0.016

0.075

−0.001

0.034

150

IRF

−0.082

−0.015

0.001

0.02

0.148

0.003

0.045

150

Panel B

Pearson correlations of main variables based on observations pooled across years

AQ

TRANS

ECC

β

Lev

Size

BM

Growth

AQ

1

TRANS

−0.182^***

1

ECC

0.121^***

−0.047^**

1

β

0.033

−0.035^***

0.103^***

1

Lev

−0.038^**

0.064^***

−0.036^**

0.112^***

1

Size

−0.055^**

0.031

−0.223^***

−0.042^**

−0.019

1

BM

−0.214^***

−0.012

0.194^***

0.103^***

−0.067^***

−0.205^***

1

Growth

0.063^***

0.024

−0.162^***

−0.023

0.078^***

0.188^***

−0.092^***

1

Panel C

Pearson correlations of risk factors

MKT

SMB

HML

IRF

MKT

1

SMB

−0.083

1

HML

−0.279^***

−0.174

1

IRF

0.093

0.355^***

−0.133

1