		(1)	(2)	(3)	(4)
VARIABLES	LABELS	winner	winner	winner Q5	winner Q5
					
ln_emp_sc	ln_emp_sc	-3.706**	-2.055	-0.157	1.968
		(1.854)	(2.182)	(4.702)	(4.760)
rev_emp_sc	rev_emp_sc	0.027**	0.019	0.005	0.006
		(0.011)	(0.015)	(0.024)	(0.032)
va_emp_sc	va_emp_sc	-0.140***	-0.071	-0.073	0.003
		(0.046)	(0.055)	(0.077)	(0.117)
wb_emp_sc	wb_emp_sc	0.143	0.140	0.075	-0.106
		(0.096)	(0.133)	(0.208)	(0.241)
ebitd_emp_sc	ebitd_emp_sc	0.113**	0.055	0.172	0.117
		(0.047)	(0.072)	(0.104)	(0.137)
					
Observations		9,732	8,647	1,946	1,666
R-squared		0.001	0.258	0.001	0.296
Art-App-Cal Yr FE		NO	YES	NO	YES
p-val		0.00472	0.494	0.518	0.830
Robust standard errors in parentheses					
*** p<0.01, ** p<0.05, * p<0.1					
