We base the analysis on industry and country fixed-effect regressions including controls as defined in table 2. We define variability of ANI* (AC/*') as die variance of residuals from a regression of the ANI (A CF) on the control variables, and die variability of ANI* over A CF* as the ratio of the variability of AN1* divided by the variability of A CF*. Correlation of ACC* and CF* is the parual Spearman correlauon between the residuals from the ACC and CF regressions; we compute both sets of residuals from a regression of each variable on die control variables. AN/, A CF, ACC, and CF are defined in table 2.