Group 1

Group 2

Group 3

Group 4

High P(FB) & Long T_D

High P(FB) & Short T_D

Not high P(FB) & Long T_D

Not high P(FB) & Short T_D

Firms received GCO:

Median of P(FB)

0.9500

0.9500

0.7000

0.7200

Median of T_D

304.59

121.82

307.17

115.27

Number of firms

49

77

23

30

Percentage of firms

0.7101

0.8105

0.2421

0.4348

Firms received not GCO:

Median of P(FB)

0.9500

0.9500

0.5500

0.6100

Median of T_D

293.50

137.78

345.63

122.87

Number of firms

20

18

72

39

Percentage of firms

0.2899

0.1895

0.7579

0.5652