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 