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s5:4066:1 Table 1: Sample Means Variable Mean Median SD All firms, 1984-94 Total: 9,362 Debt > 0: 6,696 Net Worth t-1 (millions) 766.12 51.70 2,813.33 New Debt (millions) 181.55 8.96 684.68 Output (millions) 2,006.46 188.07 6,497.05 Employees 11,523 1,745 28,702 Output/Worker 158,209 120,610 138,452 Assets < 500 Total: 6,620 Debt > 0: 4,468 Net Worth t-1 (millions) 41.88 18.66 59.08 New Debt (millions) 11.42 3.13 24.32 Output (millions) 150.38 57.49 233.18 Employees 1,462 504 2,198 Output/Worker 131,768 104,189 111,872 Assets < 50 Total: 3,530 Debt > 0: 2,294 Net Worth t-1 (millions) 7.86 4.69 9.41 New Debt (millions) 2.51 1.11 3.88 Output (millions) 23.22 13.85 27.25 Employees 278 140 385 Output/Worker 116,972 90,000 107,168 The sample includes all observations from Compustat for which data was available, omitting the observations with the top 100 values of output per worker. The bottom two panels limit this sample to firms with asset values (deflated by the Producer Price Index to 1987 dollars) below the specified range. Summary statistics are reported only for observations where the firm took on a positive amount of new debt in the current period. Net worth and new debt are deflated by the PPI, while output is deflated by an industry specific shipment deflator from the NBER productivity database. Net worth reported above is lagged by one period, since lagged net worth is used in the subsequent regressions. Table 2: Regression Results Debt > 0 Debt > 0 Debt > 0 Debt > 0 Debt > 0 Debt > 0 Assets < 500 Assets < 50 Assets < 500 Assets < 50 Dependent Variable Y/L Y/L Y/L ln(Y/L) ln(Y/L) ln(Y/L) New Debt 0.0020 0.2610 2.4237 0.0024 0.0661 0.5752 ln(New Debt) 0.0565 0.0619 0.0796 0.0038 0.0067 0.0124 Net Worth t-1 0.0074 0.0558 0.0885 0.00002 0.0006 -0.0004 0.0006 0.0282 0.2246 0.000004 0.0002 0.0023 Years 1984-94 1984-94 1984-94 1984-94 1984-94 1984-94 N 6696 4468 2294 6696 4468 2294 Number of Industry/Years 868 816 638 868 816 638 R squared within 0.042 0.008 0.011 0.052 0.031 0.025 between 0.267 0.011 0.001 0.186 0.040 0.000 overall 0.171 0.012 0.009 0.132 0.048 0.028 Columns 1-3 report the coefficients from a regression of output per worker on new debt, lagged net worth, and industry year dummy variables (the number of industry-year categories is reported in the table). The samples correspond to the samples reported in Table 1, i.e. excluding observations with the top 100 values of output per worker and observations where the firm did not take on a positive amount of debt in the current year. Variables have been scaled so that debt and net worth are measured in terms of $1000 in 1987 dollars. Column 2 restricts the sample to observations with real asset values of no more than 500 million in 1987 dollars, and column 3 to reall asset values of no more than 50 million. Columns 4-6 are similar, excpet that the dependent variable is log output per worker, and the debt variable is replaced with log debt. Table 3: Regression Results Debt > 0 Debt > 0 Debt > 0 Debt > 0 Debt > 0 Debt > 0 Assets < 500 Assets < 50 Assets < 500 Assets < 50 Dependent Variable Y/L Y/L Y/L ln(Y/L) ln(Y/L) ln(Y/L) New Debt t-1 0.0045 0.3624 2.2851 0.0025 0.0663 0.5859 ln(New Debt t-1) 0.0549 0.0658 0.0868 0.0038 0.0069 0.0133 Net Worth t-2 0.0066 0.0050 -0.0804 0.00001 0.0003 -0.0026 0.0006 0.0307 0.2487 0.000004 0.0003 0.0024 Years 1984-94 1984-94 1984-94 1984-94 1984-94 1984-94 N 6078 3975 1967 6078 3975 1967 Number of Industry/Years 863 809 611 863 809 611 R squared within 0.040 0.011 0.011 0.052 0.034 0.030 between 0.276 0.011 0.002 0.199 0.030 0.000 overall 0.188 0.015 0.007 0.141 0.047 0.034 Table 3 is identical to Table 2 except for the timing assumptions; specifically, debt and log debt are replaced with lagged debt and log of lagged debt, while lagged net worth is replaced with net worth lagged by two periods. For additional information, see the notes associated with Table 2. 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