Unmatched/

Matched

Mean

%bias

% reduct |bias|

t−test

Treated

Control

t

p > |t|

Size

U

21.588

22.044

−51.5

−4.26

0

M

21.592

21.727

−15.3

70.3

−1.1

0.274

Roa

U

0.073

0.047

43.2

4.45

0

M

0.073

0.070

4.6

89.4

0.33

0.744

Lev

U

0.331

0.390

−36.9

−3.33

0.001

M

0.332

0.335

−2.1

94.2

−0.17

0.867

TobinQ

U

2.665

2.273

24

2.87

0.004

M

2.721

2.745

−1.5

93.9

−0.09

0.93

Tato

U

0.925

0.649

62.1

7.92

0

M

0.862

0.916

−12.2

80.3

−0.8

0.424

Ret

U

0.240

0.180

10.9

1.11

0.265

M

0.257

0.176

14.9

−36.8

1.02

0.309

Soe

U

0.019

0.224

−66

−5

0

M

0.020

0.030

−3.3

95.1

−0.45

0.653

Top1

U

0.336

0.342

−5.5

−0.5

0.619

M

0.343

0.356

−10.4

−87

−0.81

0.421

Sharebalance

U

0.604

0.715

−22.4

−1.93

0.053

M

0.596

0.566

6

73

0.52

0.604

Dual

U

0.462

0.324

28.4

2.96

0.003

M

0.444

0.414

6.3

78

0.43

0.669

Mhold

U

0.229

0.161

32.8

3.4

0.001

M

0.235

0.235

0.2

99.5

0.01

0.991

HHI

U

0.129

0.114

17.1

1.79

0.073

M

0.130

0.131

−1.7

90

−0.11

0.913

IndTobinQ

U

2.286

2.374

−11.6

−1.16

0.246

M

2.302

2.255

6.2

47

0.49

0.627