2.5 Summary statistics<br>Table I provides the summary statistics for the sample of 21 developed equity markets.<br>The start dates for which data are used in the return calculations and risk-adjustment<br>regressions vary across countries based on each country’s data availability. The final month<br>of the sample is December 2015. The total number of stocks in each market is reported in<br>Column 4. The average and median number of stocks per month in each country are reported<br>in Columns 5 and 6, respectively. The largest equity market is USA, which has an average of<br>2,463 firms per month. The international sample is clearly much shorter than the US sample.<br>This is primarily due to the absence of book value data for the international sample. Columns<br>7-16 present the time series averages and medians of monthly cross-sectional averages<br>for the main variables of interest. The average (median) market capitalization ranges from<br>$0.33 ($0.26) billion in Greece to $6.36 ($5.37) billion in Spain. In comparison, the average<br>(median) US firm size is $1.49 ($0.96) billion. I find a noticeable cross-country variation in the<br>statistics for CFV proxies (Columns 9-12) and financial constraint proxies (Columns 13-16).
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