Investor Relations and Regulation FD

TABLE 3
IR and Matched Non-IR Control Firm Descriptive Statistics After Matching
IR Non-IR control
(1) (2) (3) (4)
Variable Mean Mean p
Characteristic Variables
Log MVE 6.84 6.90 0.62
Log Age 2.72 2.76 0.65
Book-to-market 0.59 0.56 0.46
R&D Intensity (%) 0.78 0.88 0.62
Litigation 0.18 0.15 0.49
Loss 0.14 0.14 0.99
ROA (%) 1.09 1.27 0.66
Leverage 0.29 0.27 0.49
Stock Exchange
NYSE 62.64% 63.19% 0.90
AMEX 3.30 1.10 0.16
NASDAQ 34.06 35.71 0.71
Major Industry
Agriculture 0.00% 0.00% 1.00
Mining 6.04 4.94 0.64
Construction 2.20 2.20 1.00
Manufacturing 45.05 41.76 0.49
Transportation/ Comm. / Utilities 8.24 7.69 0.84
Wholesale Trade 1.65 2.20 0.71
Retail Trade 6.59 7.69 0.68
Finance, Ins. & Real Estate 23.63 25.27 0.72
Services 6.59 8.24 0.57
N 182 182
This table shows the descriptive statistics for the IR firms and matched non-IR control firms in the fourth quarter of
1999. Non-IR control firms were matched on a one-to-one basic with the IR firms using nearest-neighbor matching
in the fourth quarter of 1999. The major industry groupings are based on the following SIC codes: Agriculture (700–
999), Mining (1000–1499), Construction (1500–1999), Manufacturing (2000–3999), Transportation/
Communication/ Utilities (4000–4999), Wholesale Trade (5000–5199), Retail Trade (5200–5999),
Financial/Insurance/Real Estate (6000–6999), Services (7000–9998). Other variables are defined in Table 2. Column
4 presents matched-pair p values.