Exhibit A: Cherry-Picking Industry Classifications

SIC 2833 (Medicinal Chemicals & Botanical Products) to SIC 2836 (Biological Products)

Included By: Barabanov et al. (2013), Cliff and Denis (2004), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)  

Excluded By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Brav and Gompers (2003), Brav (2000)

SIC 3570 (Computer & office Equipment) & SIC 3576 (Computer Communications Equipment)

Included By: Brav and Gompers (2003), Brav (2000), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004) 

Excluded By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004)

SIC 3579 (Office Machines, NEC)

Included By: Brav and Gompers (2003), Brav (2000)

Excluded By: Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004), Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004)

SIC 3600 (Electronic & Other Electrical Equipment (No Computer Equip))

Included By: Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

Excluded By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004), Brav and Gompers (2003), Brav (2000)

SIC 3612 (Power, Distribution & Specialty Transformers) to SIC 3652 (Phonograph Records & Prerecorded Audio Tapes & Disks) & SIC 3670 (Electronic Components & Accessories)

Included By: Brav and Gompers (2003), Brav (2000), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

Excluded By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004)

SIC 3672 (Printed Circuit Boards)

Included By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Brav and Gompers (2003), Brav (2000), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

Excluded By:  Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004)

SIC 3677 (Electronic Coils, Transformers & Other Inductors) to SIC 3679 (Electronic Components, NEC)

Included By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Brav and Gompers (2003), Brav (2000)

Excluded By: Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Technology: Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

SIC 3690 (Miscellaneous Electrical Machinery, Equipment & Supplies) & SIC 3695 (Magnetic & Optical Recording Media)

Included By: Brav and Gompers (2003), Brav (2000)

Excluded By: Everybody else

SIC 3812 (Search, Detection, Navigation, Guidance, Aeronautical Sys) & SIC 3823 (Industrial Instruments For Measurement, Display, and Control) & SIC 3825 (Instruments For Meas & Testing of Electricity & Elec Signals) to SIC 3829 (Measuring & Controlling Devices, NEC)

Included By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004), Brav and Gompers (2003), Brav (2000), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004)

Excluded By: Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004) 

SIC 3821 (Laboratory Apparatus & Furniture) & SIC 3822 (Auto Controls For Regulating Residential & Comml Environments) & SIC 3824 (Totalizing Fluid Meters & Counting Devices) & SIC 3842 (Orthopedic, Prosthetic & Surgical Appliances & Supplies) to SIC 3844 (X-Ray Apparatus & Tubes & Related Irradiation Apparatus)

Included By: Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004)

Excluded By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004), Brav and Gompers (2003), Brav (2000), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004) 

SIC 3841 (Surgical & Medical Instruments & Apparatus) & SIC 3845 (Electromedical & Electrotherapeutic Apparatus)

Included By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Barabanov et al. (2013), Cliff and Denis (2004), Brav and Gompers (2003), Brav (2000), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004)

Excluded By: Glegg et al. (2012), Faccio and Masulis (2005), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Technology: Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

SIC 4812 (Radiotelephone Communications) & SIC 4813 (Telephone Communications (No Radiotelephone))

Included By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Barabanov et al. (2013), Cliff and Denis (2004), Brav and Gompers (2003), Brav (2000), Johnson and Schwartz (2005), Bhojraj and Lee (2002)

Excluded By: Glegg et al. (2012), Faccio and Masulis (2005), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

SIC 4822 (Telegraph & Other Message Communications) to SIC 4841 (Cable & Other Pay Television Services)

Included By: Brav and Gompers (2003), Brav (2000), Johnson and Schwartz (2005), Bhojraj and Lee (2002)

Excluded By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

SIC 4899 (Communications Services, NEC)

Included By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004), Brav and Gompers (2003), Brav (2000)

Excluded By: Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

SIC 7370 (Services-Computer Programming, Data Processing, Etc.)

Included By: Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004), Brav and Gompers (2003), Brav (2000)

Excluded By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

SIC 7377 (Services-Computer Rental & Leasing)

Included By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005)

Excluded By: Barabanov et al. (2013), Cliff and Denis (2004), Brav and Gompers (2003), Brav (2000), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002), Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

SIC 8731 (Services-Commercial Physical & Biological Research) to SIC 8734 (Services-Testing Laboratories)

Included By: Marshall, Schroeder and Yohn (2018), Cline and Posylnaya (2019), Gande and Lewis (2009), Sengupta (2004)

Excluded By: Neuhauser and Thompson (2014), Neuhauser and Thompson (2016), Korniotis and Kumar (2013), Gibbs (2018), Glegg et al. (2012), Faccio and Masulis (2005), Barabanov et al. (2013), Cliff and Denis (2004), Brav and Gompers (2003), Brav (2000), Kirk (2011), Chen, DeFond, and Park (2002), Loughran and Ritter (2004), Cliff and Dennis (2004), Johnson and Schwartz (2005), Bhojraj and Lee (2002)

SIC 5200 (Retail-Building Materials, Hardware, Garden Supply) to SIC 5961 (Retail-Catalog & Mail-Order Houses)

Included By: Dorantes et al. (2013), Matsumoto (2002), Kim, Wang and Zhang (2019), Li and Zeng (2019), Cassell, Drake and Rasmussen (2011), Francis et al. (1994), Chen and Soileau (2014), Chuk, Matsumoto and Miller (2013), Christensen, Drake and Thornock (2014), Brown et al. (2012), Brown et al. (2016), He, Sarath and Wans (2019), Liao and Ouyang (2015), Kirk and Vincent (2014), Ali and Kallapur (2001), Marshall, Schroeder and Yohn (2018), Bronson, Masli, and Schroeder (2014), Wiedman and Hendricks (2013), Cao and Narayanamoorthy (2014), Nelson and Pritchard (2007), Lourie (2018), Gong, Li, and Xie (2009), Ng, Tuna and Verdi (2013), Rogers and Stocken (2005), Houston, Lev and Tucker (2010), Kwak, Ro and Suk (2012), Goh, Krishnan and Li (2011), Francis et al. (1994), Kohlbeck and Mayhew (2017)

Excluded By: Cohen and Zarowin (2010), Barton and Simko (2002), Zang (2006), Sengupta (2004), Feldmann and Read (2013), Kasznik and Lev (1995)

SIC 7370 (Services-Computer Programming, Data Processing, Etc.)

Included By: Dorantes et al. (2013), Matsumoto (2002), Kim, Wang and Zhang (2019), Li and Zeng (2019), Cassell, Drake and Rasmussen (2011), Francis et al. (1994), Chen and Soileau (2014), Chuk, Matsumoto and Miller (2013), Christensen, Drake and Thornock (2014), Brown et al. (2012), Brown et al. (2016), He, Sarath and Wans (2019), Liao and Ouyang (2015), Kirk and Vincent (2014), Ali and Kallapur (2001), Marshall, Schroeder and Yohn (2018), Bronson, Masli, and Schroeder (2014), Wiedman and Hendricks (2013), Cao and Narayanamoorthy (2014), Nelson and Pritchard (2007), Kohlbeck and Mayhew (2017)

Excluded By: Cohen and Zarowin (2010), Barton and Simko (2002), Zang (2006), Sengupta (2004), Lourie (2018), Gong, Li, and Xie (2009), Ng, Tuna and Verdi (2013), Rogers and Stocken (2005), Houston, Lev and Tucker (2010), Kwak, Ro and Suk (2012), Goh, Krishnan and Li (2011), Francis et al. (1994), Feldmann and Read (2013), Kasznik and Lev (1995)

SIC 7371 (Services-Computer Programming Services)

Included By: Cohen and Zarowin (2010), Barton and Simko (2002), Zang (2006), Sengupta (2004), Dorantes et al. (2013), Matsumoto (2002), Kim, Wang and Zhang (2019), Li and Zeng (2019), Cassell, Drake and Rasmussen (2011), Francis et al. (1994), Chen and Soileau (2014), Chuk, Matsumoto and Miller (2013), Christensen, Drake and Thornock (2014), Brown et al. (2012), Brown et al. (2016), He, Sarath and Wans (2019), Liao and Ouyang (2015), Kirk and Vincent (2014), Ali and Kallapur (2001), Marshall, Schroeder and Yohn (2018), Bronson, Masli, and Schroeder (2014), Wiedman and Hendricks (2013), Cao and Narayanamoorthy (2014), Nelson and Pritchard (2007), Lourie (2018), Gong, Li, and Xie (2009), Ng, Tuna and Verdi (2013), Rogers and Stocken (2005), Houston, Lev and Tucker (2010), Kwak, Ro and Suk (2012), Goh, Krishnan and Li (2011), Francis et al. (1994)

Excluded By: Kohlbeck and Mayhew (2017), Feldmann and Read (2013), Kasznik and Lev (1995)

SIC 7372 (Services-Computer Rental & Leasing) to SIC 7374 (Services-Computer Processing & Data Preparation)

Included By: Almost everybody

Excluded By: Kohlbeck and Mayhew (2017)

SIC 7377 (Services-Computer Rental & Leasing)

Included By: Cohen and Zarowin (2010), Barton and Simko (2002), Zang (2006), Sengupta (2004), Lourie (2018), Gong, Li, and Xie (2009), Ng, Tuna and Verdi (2013), Rogers and Stocken (2005), Houston, Lev and Tucker (2010), Kwak, Ro and Suk (2012), Goh, Krishnan and Li (2011), Francis et al. (1994), Feldmann and Read (2013), Kasznik and Lev (1995)

Excluded By: Dorantes et al. (2013), Matsumoto (2002), Kim, Wang and Zhang (2019), Li and Zeng (2019), Cassell, Drake and Rasmussen (2011), Francis et al. (1994), Chen and Soileau (2014), Chuk, Matsumoto and Miller (2013), Christensen, Drake and Thornock (2014), Brown et al. (2012), Brown et al. (2016), He, Sarath and Wans (2019), Liao and Ouyang (2015), Kirk and Vincent (2014), Ali and Kallapur (2001), Marshall, Schroeder and Yohn (2018), Bronson, Masli, and Schroeder (2014), Wiedman and Hendricks (2013), Cao and Narayanamoorthy (2014), Nelson and Pritchard (2007), Kohlbeck and Mayhew (2017)

SIC 8731 (Services-Commercial Physical & Biological Research) & SIC 8734 (Services-Testing Laboratories)

Included By: Cohen and Zarowin (2010), Barton and Simko (2002), Zang (2006), Sengupta (2004), Dorantes et al. (2013), Matsumoto (2002), Kim, Wang and Zhang (2019), Li and Zeng (2019), Cassell, Drake and Rasmussen (2011), Francis et al. (1994), Chen and Soileau (2014), Chuk, Matsumoto and Miller (2013), Christensen, Drake and Thornock (2014), Brown et al. (2012), Brown et al. (2016), He, Sarath and Wans (2019), Liao and Ouyang (2015), Kirk and Vincent (2014), Ali and Kallapur (2001), Goh, Krishnan and Li (2011), Francis et al. (1994), Feldmann and Read (2013), Kasznik and Lev (1995)

Excluded By: Marshall, Schroeder and Yohn (2018), Bronson, Masli, and Schroeder (2014), Wiedman and Hendricks (2013), Cao and Narayanamoorthy (2014), Nelson and Pritchard (2007), Lourie (2018), Gong, Li, and Xie (2009), Ng, Tuna and Verdi (2013), Rogers and Stocken (2005), Houston, Lev and Tucker (2010), Kwak, Ro and Suk (2012), Kohlbeck and Mayhew (2017)

SIC 2833 (Medicinal Chemicals & Botanical Products) to SIC 2836 (Biological Products, (No Diagnostic Substances)) & SIC 3711 (Motor Vehicles & Passenger Car Bodies) to SIC 3790 (Miscellaneous Transportation Equipment) & SIC 5122 (Wholesale-Drugs, Proprietaries & Druggists' Sundries) & SIC 5172 (Wholesale-Petroleum & Petroleum Products (No Bulk Stations))

Included By: Dyck, Morse and Zingales (2010), Winston (1998)

Excluded By: Everyone else

SIC 4011 (Railroads, Line-Haul Operating)

Included By: Matsumoto (2002), Dyck, Morse and Zingales (2010) , Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017), Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Goyal and Wang (2013)

Excluded By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Hutton, Lee and Shu (2012), Valta (2014), Liao and Ouyang (2015), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005)

SIC 4013 (Railroad Switching & Terminal Establishments) to SIC 4231 (Terminal Maintenance Facilities For Motor Freight Transport)

Included By: Matsumoto (2002), Dyck, Morse and Zingales (2010) , Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017), Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012)

Excluded By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Hutton, Lee and Shu (2012), Valta (2014), Liao and Ouyang (2015), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005), Goyal and Wang (2013)

SIC 4400 (Water Transportation) to SIC 4412 (Deep Sea Foreign Transportation of Freight)

Included By: Matsumoto (2002), Dyck, Morse and Zingales (2010) , Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017), Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005)

Excluded By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Hutton, Lee and Shu (2012), Valta (2014), Liao and Ouyang (2015), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Goyal and Wang (2013)

SIC 4512 (Air Transportation, Scheduled) to SIC 4713 (Arrangement of Transportation of Freight & Cargo)

Included By: Dyck, Morse and Zingales (2010) , Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017), Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005)

Excluded By: Matsumoto (2002), Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Hutton, Lee and Shu (2012), Valta (2014), Liao and Ouyang (2015), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Goyal and Wang (2013)

SIC 4812 (Radiotelephone Communications) to SIC 4899 (Communications Services, NEC)

Included By: Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Matsumoto (2002),  Dyck, Morse and Zingales (2010) , Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017), Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005)

Excluded By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Hutton, Lee and Shu (2012), Valta (2014), Liao and Ouyang (2015), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Goyal and Wang (2013)

SIC 4900 (Electric, Gas & Sanitary Services) & SIC 4911 (Electric Services) & SIC 4932 (Gas & Other Services Combined)

Included By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Matsumoto (2002), Hutton, Lee and Shu (2012), Valta (2014), Dyck, Morse and Zingales (2010), Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017), Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005), Goyal and Wang (2013)

Excluded By: Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Liao and Ouyang (2015), Mansi, Maxwell and Zhang (2012)

SIC 4922 (Natural Gas Transmission) to SIC 4931 (Electric & Other Services Combined)

Included By: Almost everybody

Excluded By: Liao and Ouyang (2015), Mansi, Maxwell and Zhang (2012)

SIC 4941 (Water Supply)

Included By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013). Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Matsumoto (2002), Hutton, Lee and Shu (2012), Valta (2014), Dyck, Morse and Zingales (2010), Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017), Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005)

Excluded By: Liao and Ouyang (2015), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Goyal and Wang (2013)

SIC 4950 (Sanitary Services) to SIC 4991 (Co-generation Services & Small Power Producers)

Included By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Matsumoto (2002), Hutton, Lee and Shu (2012), Valta (2014), Dyck, Morse and Zingales (2010), Winston (1998), Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Mansi, Maxwell and Zhang (2012), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005)

Excluded By: Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Liao and Ouyang (2015), Edmans, Goldstein and Jiang (2012), Black et al. (2017), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Goyal and Wang (2013)

SIC 6012 (Pay Day Lenders) & SIC 6029 (Commercial Banks, NEC) & SIC 6099 (Functions Related To Depository Banking, NEC) & SIC 6111 (Federal & Federally Sponsored Credit Agencies) & SIC 6153 (Short-Term Business Credit Institutions) to SIC 6282 (Investment Advice) & SIC 6351 (Surety Insurance) to SIC 6411 (Insurance Agents, Brokers & Service)

Included By: Andreou et al. (2013), MCommercial Banks, NECusumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Matsumoto (2002), Liao and Ouyang (2015), Dyck, Morse and Zingales (2010), Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017). Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005)

Excluded By: Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Hutton, Lee and Shu (2012), Valta (2014), Beneish (1997), Goyal and Wang (2013)

SIC 6021 (National Commercial Banks) & SIC 6022 (State Commercial Banks) & SIC 6035 (Savings Institution, Federally Chartered) & SIC 6036 (Savings Institutions, Not Federally Chartered) & SIC 6141 (Personal Credit Institutions)

Included By: Almost everybody

Excluded By: Beneish (1997), Goyal and Wang (2013)

SIC 6311 (Life Insurance) & SIC 6321 (Accident & Health Insurance) & SIC 6331 (Fire, Marine & Casualty Insurance)

Included By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Matsumoto (2002), Liao and Ouyang (2015), Dyck, Morse and Zingales (2010), Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017). Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005)

Excluded By: Hutton, Lee and Shu (2012), Valta (2014), Goyal and Wang (2013)

SIC 6324 (Hospital & Medical Service Plans)

Included By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Matsumoto (2002), Liao and Ouyang (2015), Dyck, Morse and Zingales (2010), Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017). Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006), Beneish (1997), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005)

Excluded By: Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Hutton, Lee and Shu (2012), Valta (2014), Goyal and Wang (2013)

SIC 6500 (Real Estate) to SIC 6552 (Land Subdividers & Developers (No Cemeteries))

Included By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Matsumoto (2002), Liao and Ouyang (2015), Dyck, Morse and Zingales (2010), Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017). Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006)

Excluded By: Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Hutton, Lee and Shu (2012), Valta (2014), Beneish (1997), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005), Goyal and Wang (2013)

SIC 6770 (Blank Checks) to SIC 6799 (Investors, NEC)

Included By: Andreou et al. (2013), Musumeci and Peterson (2011), Duca et al. (2012), Kim, Pantzalis and Park (2013), Buehlmaier and Whited (2018), Zhang (2015), Denis and McKeon (2012), Liu and McConnell (2013), Jan and Ou (2011), Chen et al. (2017), Ang (2012), Cohn and Wardlaw (2016), Deshmukh, Gamble and Howe (2017), Malmendier, Tate and Yan (2011), Caskey and Ozel (2017), Zhu (2016), Sun (2007), Kim and Bay (2017), Elliott and Songur (2016), Alanis and Chava (2012), Clausen and Hirth (2016), Alti and Tetlock (2012), Karpavicius and Suchard (2012), Bushman and Pinto (2019), Fang et al. (2016), Colla, Ippolito and Li (2013), Brockman, Li and Price (2015), Zhang (2018), Price et al. (2012), Kogan and Papanikolaou (2013), Penman and Zhu (2011), Duca (2016), Blau, DeLisle and Price (2015), Chen et al. (2013), Belo, Xue and Zhang (2013), Matsumoto (2002), Hutton, Lee and Shu (2012), Valta (2014), Liao and Ouyang (2015), Dyck, Morse and Zingales (2010), Winston (1998), Edmans, Goldstein and Jiang (2012), Black et al. (2017). Löffler and Maurer (2011), Bellovary, Giacomino and Akers (2007), Phua, Tham and Wei (2018), Canace, Jackson and Ma (2018), Huang et al. (2012), Mansi, Maxwell and Zhang (2012), Musumeci and Peterson (2011), Desai, Krishnamurthy and Venkataraman (2006)

Excluded By: Kothari, Shu and Wysocki (2009), Gong, Li and Wang (2011), Beneish (1997), Xu (2016), Burgstahler and Dichev (1997), Durtschi and Easton (2005), Goyal and Wang (2013)

SIC 8000 (Services-Health Services) to SIC 8093 (Services-Specialty Outpatient Facilities, NEC)

Included By: Matsumoto (2002), Dyck, Morse and Zingales (2010), Winston (1998)

Excluded By: Everybody else

SIC 8111 (Services-Legal Services) to SIC 9995 (Non-Operating Establishments)

Included By: Matsumoto (2002)

Excluded By: Everybody else

Second-Hand

Faccio and Masulis (2005) (via [2006])

Cliff and Denis (2004) (via [611]*, [1665])

Brav (2000) (via [333])

Chen, DeFond, and Park (2002) (via [611])

Loughran and Ritter (2004) (via [611]*, [983], [1317], [1512], [1665]*, [2095])

Bhojraj and Lee (2002) (via [421])

Barton and Simko (2002) (via [1674])

Zang (2006) (via [1674])

Francis et al. (1994) (via [750], [1383], [1911], [1930], [2033], [2071]*)

Ali and Kallapur (2001) (via [1916])

Rogers and Stocken (2005) (via [773])

Kasznik and Lev (1995) (via [1342])

Fang et al. (2016) (via [1890])

Burgstahler and Dichev (1997) (via [1616])

Durtschi and Easton (2005) (via [1616])

Winston (1998) (via [458])

* = possible disagreement among indirect sources