Year

204 SOEs

whole sample

high growth

low growth

average

median

average

median

average

median

2007

1.53e−09

−0.0103

−0.0105

−0.0146

0.0113

−0.0056

2008

−2.95e−09

−0.0041

−0.0032

−0.0062

0.0033

−0.0038

2009

2.06e−09

−0.0097

0.0019

−0.0097

−0.0019

−0.0098

2010

−2.55e−09

−0.0089

−0.0054

−0.0073

0.0054

−0.0094

2011

9.85e−10

−0.0060

0.0017

−0.0018

−0.0018

−0.0116

2012

−5.29e−10

−0.0037

−0.0092

0.0012

0.0091

−0.0122