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• Appendix 1: Descriptive Statistics (Yearly Distribution) Panel A: Lead Directors Without Lead Director Year With Lead Director (A) (B) Total Firm (C) Percent (A/C) Changes 2001 82 224 306 0.26 16 2002 116 190 306 0.38 34 2003 225 81 306 0.74 109 2004 275 31 306 0.9 50
• All four years 82 31 306 0.26 209 Panel C: ROA Mean Median Year With LD W/o LD Difference With LD W/o LD Difference 2001 0.09 0.08 0.01 0.08 0.06 0.02 2002 0.03 0.02 0.01 0.02 0.01 0.01 2003 0.11 0.1 0.01 0.1 0.1 2004 0.14 0.11 0.03** 0.11 0.1 0.01
• All Years 0.11 0.09 0.01 0.09 0.07 0.01 Panel D: Stock returns Mean Median Year With LD W/o LD Difference With LD W/o LD Difference 2001 0.07 0.06 0.01 0.06 0.05 0.01 2002 -0.01 -0.03 0.02*** -0.01 -0.03 0.02** 2003 0.11 0.08 0.03** 0.09 0.04 0.05*** 2004 0.15 0.07 0.08*** 0.12 0.05 0.07***
• All Years 0.13 0.07 0.06*** 0.11 0.05 0.06*** ***: significant at .01 level; **: significant at .05 level; *: significant at .1 level, all two-tail;