Panel A

Divide Losers and Winners by Median

RAR

Loser

Winner

M1-M2

T-value

Average

0.54

0.45

0.1

3.26***

Median

1

0

1

3.25***

Panel B

Divide Losers and Winners by Quartile

RAR

Loser

Winner

M1-M2

P-value

Average

0.57

0.43

0.14

3.74***

Median

1

0

1

3.71***