Panel A: Distribution of String Length

Strings without any sales decreases during the string periods

Strings with at least one sales decrease during the string periods

All strings

Mean of Length

7.20

7.70

7.31

Std Dev of Length

3.35

3.97

3.51

Minimum Length

5

5

5

Maximum Length

40

37

40

Number of Strings

2431

828

3259

Number of Firms

2027

774

2760¹⁸

Number of Firm Years

16,141

6048

22,189