Dear all,
I need to replicate a univariate analysis: the database is made up of 250 firms, from 1980 to 1990 (but there are somewhere firm-year missing data). I would to present an univariate comparisons of firm�s leverage by quartiles of human-capital intensity proxies. I am interested to know if human-capital intensive firms, such as the firms in the fourth quartile, differ in leverage level from those
firms that are not human-capital intensive, such as the firms in the first quartile. The analysys test the hypothesis that leverage levels differ between firms in the fourth quartile and firms in the first quartile with a t-test.
The table below displays the mean (and median values in the parentheses) leverage ratios ("mlev" e "lev") in each quartile of human-capital intensity proxies (one measure for panel 1, called "human capital_1", one for panel 2 called "human capital_2"). In the last column, the difference of the mean value between the fourth quartile and first quartile is calculated and the t-statistic is shown in the parenthesis beneath. Could somebody help me to repeat this calculations and also to reproduce this table?
It would be very important for me. Thank you in advance.
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Table
panel 1 (human capital_1)
1Q 2Q 3Q 4Q diff
mlev 4.2 7.5 10.4 17.5 13.3
(-4.4) (-7.4) (-10.3) (-15.0) (-46.2)
lev 0.2 0.2 0.2 0.2 -0.03
(-0.1) (-0.1) (-0.1) (-0.1) (-2.8)
panel 2 (human capital_2)
1Q 2Q 3Q 4Q diff
mlev 1.5 2.2 2.9 4.7 3.2
(-1.5) -2.2 -2.8 -4.0 -33.6
lev 0.2 0.2 0.2 0.2 -0.03
(-0.2) (-0.1) (-0.1) (-0.1) (-1.2)
Luca Romano
Milan (Italy)
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