Common use of Number of Observations Clause in Contracts

Number of Observations. Earnings and Assets in 2 Years 936 353 583 Age 2,655 1,046 1,609 851 321 530 All Other Variables 15,044 6,341 8,703 1,008 380 628 Notes. The definition of most variables can be found in Table 3. a In millions of BEF. b In percent. Significantly different at a 1% level from the mean of the: c Full – Lender = Closest subsample, d complement of the Augmented sample (14,036 observations; 1,804 for Age), e Augmented – Lender = Closest subsample. TABLE 10. LOAN SIZE, DURATION, AND COLLATERAL Independent Variables Incl. Loan Size By Loan Size (LS), in millions of BEF By Duration of Loan (DL), in years Collateral ln(1+Distance to Lender) ln(1+Distance to Closest Competitors) Main Bank ln(1+Duration of Relationship) Xxxxxxxxxx – Xxxxxxxxx Index Loan Size Interest Rate Variables (including 2 Year Dummies) and Intercept Number of Observations Equality Restriction, F Adjusted R2 LS≤0.2 0.2<LS≤ 2 2<LS DL<0.55 0.55≤DL No Yes -13.6*** -15.0*** -4.0* -0.7 -21.0*** -6.3** -12.9*** -2.3 (2.4) (4.1) (2.1) (2.3) (4.1) (2.8) (2.9) (2.0) 13.6*** 15.0*** 4.0* 0.7 21.0*** 6.3** 12.9*** 2.3 (2.4) (4.1) (2.1) (2.3) (4.1) (2.8) (2.9) (2.0) -43.0*** -32.9*** 8.3** -6.6* -53.1*** -35.3*** -45.6*** -7.6** (3.9) (6.4) (3.5) (4.0) (6.5) (4.5) (4.7) (3.2) 29.3*** 26.0*** 14.4*** 10.7*** 36.9*** 24.7*** 29.9*** 1.8 (2.4) (4.4) (2.0) (2.1) (4.3) (2.6) (3.0) (1.7) 10.3 32.0 14.0 38.3*** 19.3 1.6 -11.0 37.0*** (16.0) (29.8) (13.6) (14.3) (27.8) (17.9) (19.5) (12.9) -22.6*** -56.6*** -11.4*** -140.6*** -4.7*** (1.1) (2.6) (1.1) (3.5) (0.5) Yes Yes Yes Yes Yes Yes Yes Yes 15,044 5,850 7,344 1,850 6,698 8,346 11,073 3,971 0.115 3.268 4.616 1.717 0.491 0.411 0.091 1.733 0.084 0.011 0.136 0.665 0.089 0.085 0.175 0.447 Notes. The dependent variable is the Loan Rate until next revision, in basis points. The definition of the variables can be found in Table 3. We employ ordinary least squares estimation. *, **, and *** = significant at 10%, 5% and 1% level, two-tailed. TABLE 11. LOAN TYPE / PURPOSE, FIRM TYPE, AND RELATIVE DISTANCE Independent Variables Loan Type Loan Purpose Firm Type Relative Distance ln(1+Distance to Lender) ln(1+Distance to Closest Competitors) Main Bank ln(1+Duration of Relationship) Xxxxxxxxxx – Xxxxxxxxx Index Loan Size Interest Rate Variables (including 2 Year Dummies) and Intercept Number of Observations Equality Restriction, F Adjusted R2 Lines of Credit Term Capital Non Capital SPB & SP a Other Lender = Lender ≠ Expenditures Expenditures Closest Closest 3.7 -10.5*** -0.2 -16.0*** -11.2*** -19.1*** -14.7** -12.3*** (2.5) (2.7) (1.7) (2.9) (2.6) (5.8) (7.2) (3.9) -3.7 10.5*** 0.2 16.0*** 11.2*** 19.1*** 14.7** 12.3*** (2.5) (2.7) (1.7) (2.9) (2.6) (5.8) (7.2) (3.9) 3.1 -34.3*** -5.0* -50.4*** -51.3*** 25.9** -53.3*** -34.9*** (4.0) (4.4) (2.9) (4.7) (4.2) (10.2) (5.9) (5.2) 9.3*** 23.1*** 3.6** 33.4*** 25.1*** 24.4*** 25.5*** 31.6*** (3.5) (2.8) (1.5) (3.0) (2.6) (6.5) (3.7) (3.1) 22.6 -13.8 30.1** -5.9 10.0 -10.0 -5.2 11.2 (16.5) (18.0) (11.8) (19.4) (17.4) (38.2) (42.3) (17.4) -5.8*** -224.5*** -3.8*** -73.3*** -36.6*** -11.0*** -33.9*** -18.6*** (0.6) (4.1) (0.4) (2.5) (1.8) (1.5) (2.2) (1.3) Yes Yes Yes Yes Yes Yes Yes Yes 3,678 11,366 3,490 11,554 12,360 2,684 6,341 8,703 0.173 1.798 3.453 1.861 0.411 0.999 0.004 0.039 0.357 0.248 0.563 0.120 0.093 0.100 0.100 0.075 Notes. The dependent variable is the Loan Rate until next revision, in basis points. The definition of the variables can be found in Table 3. We employ ordinary least squares estimation. *, **, and *** = significant at 10%, 5% and 1% level, two-tailed. a Single-Person Businesses operating as Sole Proprietorships. ln(1+Distance to Lender) -16.2*** -22.5** -22.1** -21.8* -22.1** ln(1+Distance to Closest Competitors) 16.2*** 22.5** 22.1** 21.8* 22.1** Main Bank 0.1 -32.8* -34.7* -35.0* -38.2* ln(1+Duration of Relationship) 29.1*** 40.3*** 43.8*** 39.7*** 44.7*** Xxxxxxxxxx – Xxxxxxxxx Index 44.0 -0.7 4.5 22.8 30.5 Loan Size -8.9*** -8.9*** -8.4*** Loan Size / Assets -50.2*** -53.2*** Additional Firm Characteristics Agea 0.2 Assetsb -0.3** -0.4*** -0.3 -0.3** Earnings / Assets -24.0 31.0 -14.7 -14.1 Short-Term Debt / Assets 80.2** 70.9* 71.7* 67.5* Net Trade Credit / Assets -66.1 -69.5 -51.9 -57.8 Intangible Assets / Assets 59.6 57.2 89.3 93.5 Earnings in 2 Years / Assets in 2 Years -15.2 -14.1

Number of Observations. Earnings and Assets in 2 Years 936 353 583 Age 2,655 1,046 1,609 851 321 530 All Other Variables 15,044 6,341 8,703 1,008 380 628 Notes. The definition of most variables can be found in Table 3. a In millions of BEF. b In percent. Significantly different at a 1% level from the mean of the: c Full – Lender = Closest subsample, d complement of the Augmented sample (14,036 observations; 1,804 for Age), e Augmented – Lender = Closest subsample. TABLE Table 10. LOAN SIZELoan Size, DURATIONDuration, AND COLLATERAL And Collateral Independent Variables Incl. Loan Size By Loan Size (LS), in millions of BEF By Duration of Loan (DL), in years Collateral ln(1+Distance to Lender) ln(1+Distance to Closest Competitors) Main Bank ln(1+Duration of Relationship) Xxxxxxxxxx – Xxxxxxxxx Index Loan Size Interest Rate Variables (including 2 Year Dummies) and Intercept Number of Observations Equality Restriction, F Adjusted R2 LS≤0.2 0.2<LS≤ 2 2<LS DL<0.55 0.55≤DL No Yes -13.6*** -15.0*** -4.0* -0.7 -21.0*** -6.3** -12.9*** -2.3 (2.4) (4.1) (2.1) (2.3) (4.1) (2.8) (2.9) (2.0) 13.6*** 15.0*** 4.0* 0.7 21.0*** 6.3** 12.9*** 2.3 (2.4) (4.1) (2.1) (2.3) (4.1) (2.8) (2.9) (2.0) -43.0*** -32.9*** 8.3** -6.6* -53.1*** -35.3*** -45.6*** -7.6** (3.9) (6.4) (3.5) (4.0) (6.5) (4.5) (4.7) (3.2) 29.3*** 26.0*** 14.4*** 10.7*** 36.9*** 24.7*** 29.9*** 1.8 (2.4) (4.4) (2.0) (2.1) (4.3) (2.6) (3.0) (1.7) 10.3 32.0 14.0 38.3*** 19.3 1.6 -11.0 37.0*** (16.0) (29.8) (13.6) (14.3) (27.8) (17.9) (19.5) (12.9) -22.6*** -56.6*** -11.4*** -140.6*** -4.7*** (1.1) (2.6) (1.1) (3.5) (0.5) Yes Yes Yes Yes Yes Yes Yes Yes 15,044 5,850 7,344 1,850 6,698 8,346 11,073 3,971 0.115 3.268 4.616 1.717 0.491 0.411 0.091 1.733 0.084 0.011 0.136 0.665 0.089 0.085 0.175 0.447 Notes. The dependent variable is the Loan Rate until next revision, in basis points. The definition of the variables can be found in Table 3. We employ ordinary least squares estimation. *, **, and *** = significant at 10%, 5% and 1% level, two-tailed. TABLE 11. LOAN TYPE / PURPOSE, FIRM TYPE, AND RELATIVE DISTANCE Independent Variables Loan Type Loan Purpose Firm Type Relative Distance ln(1+Distance to Lender) ln(1+Distance to Closest Competitors) Main Bank ln(1+Duration of Relationship) Xxxxxxxxxx – Xxxxxxxxx Index Loan Size Interest Rate Variables (including 2 Year Dummies) and Intercept Number of Observations Equality Restriction, F Adjusted R2 Lines of Credit Term Capital Non Capital SPB & SP a Other Lender = Lender ≠ Expenditures Expenditures Closest Closest 3.7 -10.5*** -0.2 -16.0*** -11.2*** -19.1*** -14.7** -12.3*** (2.5) (2.7) (1.7) (2.9) (2.6) (5.8) (7.2) (3.9) -3.7 10.5*** 0.2 16.0*** 11.2*** 19.1*** 14.7** 12.3*** (2.5) (2.7) (1.7) (2.9) (2.6) (5.8) (7.2) (3.9) 3.1 -34.3*** -5.0* -50.4*** -51.3*** 25.9** -53.3*** -34.9*** (4.0) (4.4) (2.9) (4.7) (4.2) (10.2) (5.9) (5.2) 9.3*** 23.1*** 3.6** 33.4*** 25.1*** 24.4*** 25.5*** 31.6*** (3.5) (2.8) (1.5) (3.0) (2.6) (6.5) (3.7) (3.1) 22.6 -13.8 30.1** -5.9 10.0 -10.0 -5.2 11.2 (16.5) (18.0) (11.8) (19.4) (17.4) (38.2) (42.3) (17.4) -5.8*** -224.5*** -3.8*** -73.3*** -36.6*** -11.0*** -33.9*** -18.6*** (0.6) (4.1) (0.4) (2.5) (1.8) (1.5) (2.2) (1.3) Yes Yes Yes Yes Yes Yes Yes Yes 3,678 11,366 3,490 11,554 12,360 2,684 6,341 8,703 0.173 1.798 3.453 1.861 0.411 0.999 0.004 0.039 0.357 0.248 0.563 0.120 0.093 0.100 0.100 0.075 Notes. The dependent variable is the Loan Rate until next revision, in basis points. The definition of the variables can be found in Table 3. We employ ordinary least squares estimation. *, **, and *** = significant at 10%, 5% and 1% level, two-tailed. a Single-Person Businesses operating as Sole Proprietorships. ln(1+Distance to Lender) -16.2*** -22.5** -22.1** -21.8* -22.1** ln(1+Distance to Closest Competitors) 16.2*** 22.5** 22.1** 21.8* 22.1** Main Bank 0.1 -32.8* -34.7* -35.0* -38.2* ln(1+Duration of Relationship) 29.1*** 40.3*** 43.8*** 39.7*** 44.7*** Xxxxxxxxxx – Xxxxxxxxx Index 44.0 -0.7 4.5 22.8 30.5 Loan Size -8.9*** -8.9*** -8.4*** Loan Size / Assets -50.2*** -53.2*** Additional Firm Characteristics Agea 0.2 Assetsb -0.3** -0.4*** -0.3 -0.3** Earnings / Assets -24.0 31.0 -14.7 -14.1 Short-Term Debt / Assets 80.2** 70.9* 71.7* 67.5* Net Trade Credit / Assets -66.1 -69.5 -51.9 -57.8 Intangible Assets / Assets 59.6 57.2 89.3 93.5 Earnings in 2 Years / Assets in 2 Years -15.2 -14.1.