LEV is end-of-year total liabilities divided by end-of-year book value of equity; GROWTH is annual percentage change in sales; TISSUE is annual percentage change in common stock; DISSUE is annual percentage change in total liabilities; TURN is sales divided by end-of-year total assets; SIZE is the natural logarithm of market value of equity in millions of dollars as of the end of the year; NUMEX is number of exchange listings; AUD is an indicator that equals 1 if the auditor is one of the large international accounting firms; XUST is an indicator dial equals 1 if the firm is listed on any U.S. stock exchange and WorldScopc indicates that the U.S. exchange is not the primary exchange; CLOSE is the percentage of closely held shares as reported by WorJdScopc.