DT = 0 (1)

DT = 1 (2)

Diff [(1) − (2)]

Diff [(1) − (2)]

Variable

Mean

Median

Mean

Median

Mean

T-value

Median

Z-value

Debtchange

0.0972

0.0510

0.0895

0.0537

0.0077*

1.7151

−0.0027

0.464