The samples for the first test are 136 announcing firms from 23 countries (12 non-EU) and
4,467 non-announcing firms from 46 countries (28 non-EU). 58% of the announcements
are by EU firms and 49% of the non-announcer observations are for EU firms. The samples
for the second test are 145 announcing firms from 18 countries (four non-EU) and 1,510
non-announcing firms from 43 countries (26 non-EU). 58% of the announcements are by
EU firms and 51% of the non-announcer observations are for EU firms. Both tests cover the
period 2001–2008.