We record the total number of named executives listed in the business planning documents. We exclude individuals associated solely with the board of directors or other advisory roles. The distribution of team size is skewed; hence, in the
regressions we use the natural log of (1+) team size. For brevity we refer to this as TEAM SIZE.Since we are interested in whether the inclusion of information is also predictive, we include a dummy variable D MGMT TEAM. This also eliminates problems associated with arbitrary scaling when taking the natural log, as the dummy distinguishes between 0 and ln(1)