From: Raising capital amid economic policy uncertainty: an empirical investigation
 | All-firms | Panel A: issuers | Panel B: non-issuers | Panel C: difference | ||||
---|---|---|---|---|---|---|---|---|
Variable | Obs | Mean | SD | Obs | Mean | Obs | Mean | |
EPU | 45,635 | 154.456 | 63.245 | Â | Â | Â | Â | Â |
Institutional Investor | 39,780 | 82.922 | 21.737 | 29,060 | 83.982 | 10,720 | 80.051 | 3.931*** |
Long-term investor | 39,780 | 8.463 | 14.251 | 29,060 | 8.382 | 10,720 | 8.682 | 0.300* |
Individual | 39,780 | 5.696 | 16.506 | 29,060 | 5.018 | 10,720 | 7.536 | − 2.518*** |
Government | 39,780 | 0.014 | 0.885 | 29,060 | 0.005 | 10,720 | 0.038 | − 0.033*** |
Concentration | 39,780 | 87.020 | 12.658 | 29,060 | 87.061 | 10,720 | 86.911 | − 0.150 |
Insider optimism | 45,635 | 0.152 | 0.358 | 32,228 | 0.181 | 13,407 | 0.083 | 0.098*** |
Market optimism | 38,748 | 3.188 | 6.404 | 29,687 | 3.295 | 9061 | 2.837 | 0.458*** |
Board size | 30,386 | 8.789 | 3.242 | 24,125 | 8.704 | 6261 | 9.117 | − 0.413*** |
Firm size | 45,617 | 6.397 | 2.428 | 32,223 | 6.601 | 13,394 | 5.904 | 0.697*** |
Analyst coverage | 31,686 | 9.310 | 7.892 | 25,231 | 10.057 | 6455 | 6.388 | 3.669*** |
Analyst variance | 31,686 | 0.704 | 0.378 | 25,231 | 0.727 | 6455 | 0.617 | − 0.109*** |
Leverage | 45,452 | 0.189 | 0.210 | 32,111 | 0.206 | 13,341 | 0.147 | 0.059*** |
Cash | 45,149 | 0.163 | 0.199 | 31,875 | 0.153 | 13,274 | 0.185 | − 0.032*** |
Profitability | 45,354 | − 0.076 | 0.398 | 32,140 | − 0.069 | 13,214 | − 0.092 | 0.023*** |
GDP growth | 45,635 | 1.961 | 1.429 | Â | Â | Â | Â | Â |
Interest rate | 45,635 | 1.619 | 1.943 | Â | Â | Â | Â | Â |