Changes in Asset Turnover (Sales/Assets) Surrounding Focus List Release
This table reports levels and changes in the mean and median levels of Sales/Assets for companies that appeared on Council of Institutional Investors focus lists between 1991 and 1994. Sales/Assets is also reported for comparison portfolios of firms matched on 2-digit SIC and on membership in the S&P 500 index. Year zero is the fiscal year in which a firm is first reported on a focus list. Accounting information in year +3 was unavailable for all firms that appeared on the 1994 focus list and was incomplete in year +3 for some firms on the 1993 focus list. On average, the industry matched and S&P samples contain 2,825 and 1,625 firm-years of data, respectively. The second panel shows first differences in asset turnover between periods. Tests of statistical significance of inter-sample differences as well as within sample changes from year zero levels are noted at the 1%, 5% and 10% levels as a, b, and c respectively. These tests are computed using a Wilcoxon statistic when comparing medians and a t-statistics when comparing means.
| Raw levels | Industry-adjusted | S&P 500-adjusted | |||||
| Year | N | Mean | Median | Mean | Median | Mean | Median |
| -3 | 107 | 1.204 | 1.022 | -0.268a | -0.273a | 0.038 | -0.027 |
| -2 | 108 | 1.148 | 0.973 | -0.296a | -0.250 | 0.013 | -0.050 |
| -1 | 107 | 1.102 | 0.881 | -0.359a | -0.384a | -0.009 | -0.112 |
| 0 | 107 | 1.019 | 0.847 | -0.411a | -0.414a | -0.085 | -0.138 |
| +1 | 102 | 1.024 | 0.868 | -0.548a | -0.426a | -0.083 | -0.130 |
| +2 | 96 | 1.056 | 0.932 | -0.491a | -0.433a | -0.045 | -0.065 |
| +3 | 82 | 0.995 | 0.891 | -0.503a | -0.416a | 0.490 | -0.113 |
Year to Year Changes
| (0,+1) | 107 | 0.002 | 0.026 | -0.157 | 0.015 | -0.026 | 0.022 |
| (0,+2) | 99 | 0.042 | 0.038b | -0.094 | -0.002 | 0.041 | 0.037a |
| (0,+3) | 82 | 0.031 | 0.034b | -0.088 | 0.009 | 0.007 | 0.035b |
