Panel A: Descriptive statistics

Variables

Number of observations

Mean value

Standard deviation

Minimum value

Maximum value

Mnetpro

426418

31.69

153.5

−140.5

2630

Fnetpro

426418

33.09

154.0

−1395

3273

FE

426418

−1.395

34.63

−2775

2688

Panel B: Match t test

Variables

Number of observations

Mean value

Standard error

Standard deviation

95% confidence region

Mnetpro

426418

31.69

0.235

153.5

31.23

32.15

Fnetpro

426418

33.09

0.236

154.0

32.62

33.55

diff

426418

−1.395

0.0530

34.63

−1.499

−1.291

mean(diff) = mean(Mnetpro − Fnetpro), t = −26.30

H0: mean(diff) = 0 Variance: 426417

Ha: mean(diff) < 0 Ha: mean(diff) ! = 0 Ha: mean(diff) > 0

Pr(T < t) = 0.0000 Pr(|T| > |t|) = 0.0000 Pr(T > t) = 1.0000