| PANELA | obs | mean | min | max |
| full sample | 2633 | 0.0449 | 3.07E−06 | 0.3275 |
| PANEL B (full sample) |
|
|
|
|
| Free Cash Flow Group | 317 | 0.0456 | 4.21E−06 | 0.3171 |
| Lack of Cash Flow Group | 2316 | 0.0448 | 3.07E−06 | 0.3275 |
| PANEL C (full sample) | obs | mean | min | max |
| Overconfident Group | 810 | 0.0461 | 3.07E−06 | 0.3275 |
| Non-overconfident Group | 1823 | 0.0434 | 3.08E−06 | 0.3184 |
| PANEL D (Overconfident Group) | obs | mean | min | max |
| Poor financing capacity | 241 | 0.0378 | 5.21E−06 | 0.3011 |
| Normal financing capacity | 278 | 0.0490 | 3.07E−06 | 0.2967 |
| Strong financing capacity | 291 | 0.0502 | 8.87E−06 | 0.3275 |
| PANEL E (Non-overconfident Group) | obs | mean | min | max |
| Poor financing capacity | 669 | 0.0382 | 4.05E−06 | 0.3121 |
| Normal financing capacity | 585 | 0.0461 | 3.77E−06 | 0.2989 |
| Strong financing capacity | 569 | 0.0467 | 3.08E−06 | 0.3087 |