Before the Departure (n = 682)

After the Departure (n = 505)

Differences

Mean

Median

Mean

Median

Mean test

Median test

(tvalue)

(zvalue)

RET

0.149

0.029

0.289

0.099

0.140***

0.070***

NI

0.075

0.075

0.079

0.068

0.004

−0.007

SFRIM

0.018

0.000

0.05

0.000

0.032***

0.000***

SIZE

15.124

14.878

15.176

14.975

0.052

0.097

LEV

0.352

0.344

0.323

0.308

−0.029***

−0.036***

BETA

0.805

0.821

0.869

0.888

0.064***

0.067***

GROWTH

1.644

1.302

1.691

1.475

0.047

0.173***

AGE

8.522

7.000

12.339

11.000

3.817***

4.000***

EP

0.079

0.073

0.06

0.056

−0.019***

−0.017***