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Table 5 Propensity score matching

From: The effect of option trading

Variables

Nearest-neighbor method

Kernel matching method

Radius matching method

Panel A: Investment

CapEx

0.009*** (0.002)

0.006*** (4.20)

0.006*** (5.33)

R&D

0.022*** (0.003)

0.018*** (4.93)

0.013*** (9.90)

Aqc

0.008*** (0.003)

0.003** (2.16)

0.007 (4.57)

Total investment

0.038*** (0.005)

0.027*** (3.69)

0.026*** (4.80)

N

9034

9034

9034

Panel B: Financing

Equity issuance

0.056*** (0.006)

0.017*** (0.001)

0.016*** (0.004)

Debt issuance

0.013*** (0.005)

0.007** (0.003)

0.011*** (0.002)

Total issuance

0.069*** (0.014)

0.024*** (0.009)

0.027*** (0.005)

N

9034

9034

9034

Panel C: Payout and cash holdings

Dividend

− 0.001** (0.000)

− 0.002** (0.001)

− 0.002*** (0.001)

Repurchase

− 0.001* (0.001)

− 0.004*** (0.002)

− 0.001* (0.001)

Total payout

− 0.002** (0.001)

− 0.005*** (0.002)

− 0.003** (0.001)

ΔCash

− 0.006** (0.018)

− 0.002** (0.001)

− 0.002** (0.001)

N

9034

9034

9034

  1. * denotes significance at the 10% level
  2. ** denotes significance at the 5% level
  3. *** denotes significance at the 1% level