The number of firm-year observations with necessary data on Compustat and CRSP is 115,154
after deleting the following: (1) observations in the top or bottom one-half percent ranked on
earnings-to-price or book value-to-market, (2) observations in the top one-half percent of the
absolute value of one-time items value as a percent of net income before one-time items, and (3)
observations with studentized residuals greater than four standard deviations from zero in any
yearly regression of price on earnings, price on book values, or price on earnings and book values.