1. We exclude firm-years with Debt to Total Assets (Book Value) that are greater than one. The 5-digit number before each item corresponds to the data items starting with "WC;C Variable Exclusion Criteria and Construction Procedures The variables are constructed using the Worldscope dataset from year,1990
2. Book value): (03051 Short term debt and current portion of long term debt + 03251 Long term debt ? 02001 Cash and short term investments)/02999 Total assets;? Net Debt to Total Assets