Descriptive Statistics
Table 1 presents the descriptive statistics of the financial characteristics of the sample
firms. Descriptive statistics are presented for the full sample, as well as high and low BM
firms. The means for most financials are greater than the medians, indicating the presence of
some very large firms. Surprisingly, based on medians, high BM firms have far fewer assets
and sales than low BM firms because low BM firms tend to spend lar