Table 1 Descriptive statistics
From: Corporate pledgeable asset ownership and stock price crash risk
Descriptive statistics | ||||||||
|---|---|---|---|---|---|---|---|---|
N | Mean | SD | 10th Pctl | 25th Pctl | 50th Pctl | 75th Pctl | 90th Pctl | |
Crash risk measures | ||||||||
CRASHt | 88,248 | 0.232 | 0.422 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 |
NCSKEWt | 88,248 | 0.027 | 1.136 | − 1.259 | − 0.645 | − 0.012 | 0.635 | 1.342 |
DUVOLt | 88,248 | 0.025 | 0.854 | − 1.021 | − 0.522 | 0.007 | 0.552 | 1.084 |
Main variables | ||||||||
CPAOt−1 | 88,248 | 0.094 | 0.153 | 0.000 | 0.000 | 0.017 | 0.142 | 0.259 |
CPAO(PPE)t−1 | 88,093 | 0.327 | 0.419 | 0.000 | 0.000 | 0.113 | 0.609 | 0.888 |
CPAO(Asset)t−1 | 88,248 | 0.264 | 0.224 | 0.039 | 0.089 | 0.197 | 0.379 | 0.619 |
Control variables | ||||||||
DTURNt−1 | 88,248 | 0.002 | 0.182 | − 0.078 | − 0.026 | − 0.001 | 0.025 | 0.083 |
NCSKEWt−1 | 88,248 | 0.009 | 1.118 | − 1.257 | − 0.654 | − 0.029 | 0.607 | 1.306 |
SIGMAt−1 | 88,248 | 0.071 | 0.040 | 0.030 | 0.042 | 0.061 | 0.089 | 0.123 |
RETt−1 | 88,248 | − 0.003 | 0.011 | − 0.016 | − 0.008 | − 0.002 | 0.003 | 0.008 |
SIZEt−1 | 88,248 | 4.880 | 2.161 | 2.143 | 3.294 | 4.762 | 6.337 | 7.774 |
MBt−1 | 88,248 | 2.168 | 2.469 | 0.909 | 1.117 | 1.515 | 2.338 | 3.919 |
LEVt−1 | 88,248 | 0.176 | 0.211 | 0.000 | 0.002 | 0.118 | 0.280 | 0.436 |
ROAt−1 | 88,248 | − 0.040 | 0.471 | − 0.283 | − 0.045 | 0.035 | 0.086 | 0.146 |
ACCt−1 | 88,248 | 0.004 | 0.373 | − 0.227 | − 0.093 | 0.000 | 0.093 | 0.232 |
R&Dt−1 | 88,248 | 0.063 | 0.170 | 0.000 | 0.000 | 0.003 | 0.066 | 0.175 |
R&D_MISSINGt−1 | 88,248 | 0.370 | 0.483 | 0.000 | 0.000 | 0.000 | 1.000 | 1.000 |
KUTt−1 | 88,248 | 2.500 | 3.733 | − 0.129 | 0.399 | 1.360 | 3.130 | 6.197 |
GWt−1 | 88,248 | 0.079 | 0.130 | 0.000 | 0.000 | 0.002 | 0.114 | 0.270 |
LOG_FIRM_AGEt−1 | 88,248 | 2.656 | 0.776 | 1.609 | 2.079 | 2.639 | 3.258 | 3.714 |
Other variables | ||||||||
CPAO_IND_MEANt−1 | 88,237 | 0.094 | 0.073 | 0.030 | 0.039 | 0.077 | 0.123 | 0.172 |
LOG_BOGt | 67,175 | 4.435 | 0.100 | 4.304 | 4.369 | 4.443 | 4.500 | 4.554 |
OPAQUEt | 84,103 | 0.485 | 0.625 | 0.119 | 0.199 | 0.340 | 0.573 | 0.935 |