1 Introduction
2 Related literature and hypothesis development
2.1 Real earnings management
2.2 The motion picture industry
2.3 Real earnings management through movie release timing
-
Hypothesis 1: Compared to private studios, public studios are more likely to release movies with high revenue potential in the last month of a fiscal quarter.
2.4 Recent performance and movie releases among public firms
-
Hypothesis 2: If a public studio’s recent performance is poor, it is more likely to release movies with high revenue potential in the third month of a fiscal quarter.
2.5 The costs of real earnings management through new product releases
-
Hypothesis 3a: Studios are less likely to engage in real earnings management when releasing movies with seasonal appeal or popularity.
-
Hypothesis 3b: Studios are less likely to engage in real earnings management when releasing movies by directors with whom they have worked previously.
2.6 Performance consequences of releasing movies in the last month
-
Hypothesis 4: Movies released in the third month of a quarter due to financial reporting concerns earn lower domestic and international box office revenues.
3 Data and research design
3.1 Data and sample selection
3.2 Variable measurement
3.3 Statistical models
3.4 Sample description
Panel A: Summary statistics | |||||
N | Mean | p25 | Median | p75 | |
Last month in a quarter | 3094 | 0.357 | 0.000 | 0.000 | 1.000 |
ln(Production costs) | 3094 | 16.917 | 16.259 | 17.145 | 17.854 |
Director power | 3094 | 10.87 | 0.000 | 16.544 | 17.749 |
Sequel | 3094 | 0.128 | 0.000 | 0.000 | 0.000 |
PG rating | 3094 | 1.21 | 1.000 | 1.000 | 2.000 |
Friday | 3094 | 0.868 | 1.000 | 1.000 | 1.000 |
Holiday | 3094 | 0.166 | 0.000 | 0.000 | 0.000 |
ln(B.O.) | 3094 | 16.823 | 16.246 | 17.332 | 18.113 |
ln(International B.O.) | 2836 | 16.745 | 15.621 | 17.189 | 18.302 |
Return on investment | 3094 | 3.359 | .999 | 2.21 | 4.033 |
Panel B: Number of movies released by public and private studios in each month | |||||
Month | Number of movies released by private studios | Number of movies released by public studios | |||
1 | 48 | 117 | |||
2 | 40 | 173 | |||
3 | 70 | 198 | |||
4 | 73 | 173 | |||
5 | 38 | 176 | |||
6 | 45 | 195 | |||
7 | 57 | 203 | |||
8 | 76 | 209 | |||
9 | 91 | 184 | |||
10 | 94 | 224 | |||
11 | 61 | 228 | |||
12 | 54 | 267 | |||
Total | 747 | 2,347 |
4 Empirical results
4.1 Movie releases in the last month of a quarter by public studios
(1) | (2) | |
---|---|---|
VARIABLES | Last month in a quarter | Last month in a quarter |
Public studio*ln(Production costs) | 0.293*** | |
(4.21) | ||
ln(Production costs) | 0.012 | |
(0.22) | ||
Public studio*Director power | 0.027** | |
(2.45) | ||
Director power | -0.007 | |
(-0.73) | ||
Public studio | -4.987*** | -0.249* |
(-4.33) | (-1.81) | |
Sequel | -0.321** | -0.220* |
(-2.54) | (-1.77) | |
Friday | -0.271** | -0.271** |
(-2.28) | (-2.30) | |
PG rating | 0.178*** | 0.135** |
(2.81) | (2.18) | |
Holiday | -0.013 | 0.033 |
(-0.12) | (0.31) | |
Constant | -1.180 | -0.684** |
(-1.32) | (-2.01) | |
Observations | 3,094 | 3,094 |
Year FE | Yes | Yes |
Genre FE | Yes | Yes |
Pseudo R2 | 0.0212 | 0.0154 |
4.2 Past performance and releasing high-expected-revenue movies
Panel A: Past performance and the probability of releasing high-expected-revenue movies in the last month of a quarter among public studios | ||||
(1) | (2) | (3) | (4) | |
VARIABLES | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter |
ln(Production costs)* Mean performance in month t-2 | -0.137** | |||
(-2.12) | ||||
ln(Production costs)* Median performance in month t-2 | -0.250*** | |||
(-4.35) | ||||
Director power* Mean performance in month t-2 | -0.010 | |||
(-1.50) | ||||
Director power* Median performance in month t-2 | -0.012* | |||
(-1.88) | ||||
Mean performance in month t-2 | 2.002* | -0.136 | ||
(1.83) | (-1.49) | |||
Median performance in month t-2 | 3.873*** | -0.133 | ||
(4.01) | (-1.61) | |||
ln(Production costs) | 2.782** | 4.681*** | ||
(2.43) | (4.68) | |||
Director power | 0.194* | 0.223** | ||
(1.68) | (2.07) | |||
Sequel | -0.254* | -0.248* | -0.150 | -0.144 |
(-1.91) | (-1.87) | (-1.15) | (-1.11) | |
PG rating | 0.151* | 0.156** | 0.099 | 0.096 |
(1.93) | (1.99) | (1.29) | (1.25) | |
Friday | -0.173 | -0.182 | -0.176 | -0.180 |
(-1.32) | (-1.38) | (-1.35) | (-1.38) | |
Holiday | -0.014 | -0.030 | 0.057 | 0.051 |
(-0.12) | (-0.26) | (0.48) | (0.44) | |
Constant | -42.586** | -74.252*** | 1.314 | 1.221 |
(-2.21) | (-4.42) | (0.78) | (0.80) | |
Observations | 2,330 | 2,330 | 2,330 | 2,330 |
Year FE | Yes | Yes | Yes | Yes |
Genre FE | Yes | Yes | Yes | Yes |
Pseudo R2 | 0.0366 | 0.0442 | 0.0242 | 0.0260 |
Panel B: Past performance and the probability of releasing high-expected-revenue movies in the first month of the next quarter among public studios | ||||
(1) | (2) | (3) | (4) | |
VARIABLES | First month in quarter | First month in quarter | First month in quarter | First month in quarter |
ln(Production costs)* Mean performance in month t-2 | 0.192*** | |||
(3.38) | ||||
ln(Production costs)* Median performance in month t-2 | 0.156*** | |||
(3.02) | ||||
Director power* Mean performance in month t-2 | 0.021*** | |||
(2.88) | ||||
Director power* Median performance in month t-2 | 0.021*** | |||
(3.02) | ||||
Mean performance in month t-2 | -3.099*** | -0.164* | ||
(-3.23) | (-1.72) | |||
Median performance in month t-2 | -2.537*** | -0.198** | ||
(-2.92) | (-2.30) | |||
ln(Production costs) | -3.718*** | -3.010*** | ||
(-3.68) | (-3.35) | |||
Director power | -0.389*** | -0.376*** | ||
(-2.98) | (-3.13) | |||
Sequel | 0.100 | 0.106 | 0.001 | 0.002 |
(0.72) | (0.76) | (0.01) | (0.02) | |
PG rating | -0.101 | -0.111 | -0.055 | -0.060 |
(-1.21) | (-1.32) | (-0.67) | (-0.74) | |
Friday | 0.307** | 0.315** | 0.306** | 0.313** |
(1.98) | (2.02) | (1.96) | (2.00) | |
Holiday | -0.658*** | -0.660*** | -0.720*** | -0.719*** |
(-4.54) | (-4.54) | (-4.89) | (-4.88) | |
Constant | 59.291*** | 48.216*** | 1.873 | 2.402 |
(3.48) | (3.19) | (1.07) | (1.55) | |
Observations | 2,330 | 2,330 | 2,330 | 2,330 |
Year FE | Yes | Yes | Yes | Yes |
Genre FE | Yes | Yes | Yes | Yes |
Pseudo R2 | 0.0556 | 0.0538 | 0.0426 | 0.0428 |
4.3 The costs of real earnings management and movie releases
Panel A: Expected revenues proxied by production costs | |||||||
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
VARIABLES | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter |
Horror | Thriller | Romantic | Action | Adventure | Comedy | Drama | |
Public studio*ln(Production costs) | 0.300 | 0.344 | 0.148 | -0.304 | 1.275*** | 0.287* | 0.335** |
(0.89) | (1.45) | (0.29) | (-0.99) | (3.27) | (1.65) | (2.46) | |
Public studio | -5.799 | -5.944 | -2.090 | 5.547 | -21.960*** | -4.833* | -5.566** |
(-1.06) | (-1.50) | (-0.26) | (1.05) | (-3.27) | (-1.70) | (-2.50) | |
ln(Production costs) | 0.121 | 0.006 | 0.010 | 0.381 | -0.784** | 0.008 | -0.006 |
(0.53) | (0.03) | (0.02) | (1.64) | (-2.24) | (0.07) | (-0.07) | |
Sequel | -0.376 | -0.144 | 1.381 | -0.093 | -0.153 | -0.829** | -1.328** |
(-0.93) | (-0.27) | (1.16) | (-0.34) | (-0.65) | (-2.46) | (-2.16) | |
Friday | -0.561 | -0.794* | 1.529 | -0.534 | 0.254 | -0.026 | -0.681*** |
(-0.66) | (-1.83) | (0.97) | (-1.35) | (0.83) | (-0.09) | (-2.87) | |
PG rating | 0.283 | 0.106 | 0.682** | 0.502* | 0.070 | 0.205 | -0.016 |
(0.79) | (0.45) | (2.01) | (1.92) | (0.29) | (1.46) | (-0.14) | |
Holiday | -1.936*** | -0.514 | -0.865 | -0.660* | -0.102 | 0.327 | 0.387* |
(-2.95) | (-1.38) | (-1.21) | (-1.65) | (-0.39) | (1.35) | (1.81) | |
Constant | -2.446 | -0.577 | -2.680 | -7.624* | 12.566** | -1.452 | 0.108 |
(-0.64) | (-0.19) | (-0.37) | (-1.91) | (2.06) | (-0.73) | (0.08) | |
Observations | 219 | 351 | 128 | 403 | 453 | 626 | 757 |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Pseudo R2 | 0.111 | 0.0545 | 0.181 | 0.0651 | 0.0493 | 0.0323 | 0.0570 |
Panel B: Expected revenues proxied by director power | |||||||
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
VARIABLES | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter |
Horror | Thriller | Romantic | Action | Adventure | Comedy | Drama | |
Public studio*Director power | -0.024 | 0.047 | -0.080 | 0.034 | 0.082** | 0.044* | 0.016 |
(-0.60) | (1.40) | (-0.90) | (0.80) | (1.98) | (1.69) | (0.76) | |
Public studio | -0.524 | -0.492 | 1.062 | 0.093 | -0.569 | -0.362 | -0.171 |
(-1.05) | (-1.13) | (1.08) | (0.18) | (-1.02) | (-1.21) | (-0.65) | |
Sequel | -0.212 | -0.003 | 1.460 | -0.055 | -0.079 | -0.717** | -1.239** |
(-0.51) | (-0.01) | (1.31) | (-0.21) | (-0.34) | (-2.17) | (-2.04) | |
Director power | 0.009 | -0.022 | 0.070 | -0.023 | -0.055 | -0.026 | 0.010 |
(0.28) | (-0.82) | (0.88) | (-0.58) | (-1.40) | (-1.12) | (0.63) | |
Friday | -0.602 | -0.781* | 1.544 | -0.495 | 0.124 | -0.069 | -0.632*** |
(-0.76) | (-1.74) | (0.98) | (-1.26) | (0.42) | (-0.26) | (-2.69) | |
PG rating | 0.173 | 0.051 | 0.747** | 0.471** | 0.214 | 0.173 | -0.055 |
(0.50) | (0.22) | (2.11) | (2.03) | (0.93) | (1.27) | (-0.50) | |
Holiday | -2.051*** | -0.437 | -0.680 | -0.592 | -0.130 | 0.329 | 0.462** |
(-3.20) | (-1.15) | (-1.01) | (-1.46) | (-0.50) | (1.35) | (2.14) | |
Constant | -0.328 | -0.124 | -3.511* | -0.898 | -0.651 | -0.990 | -0.102 |
(-0.25) | (-0.12) | (-1.75) | (-0.97) | (-0.50) | (-1.11) | (-0.20) | |
Observations | 219 | 351 | 128 | 403 | 453 | 626 | 757 |
Year FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Pseudo R2 | 0.0984 | 0.0495 | 0.186 | 0.0631 | 0.0380 | 0.0285 | 0.0518 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
VARIABLES | Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter |
Past cooperation=0 | Past cooperation=1 | Past cooperation=0 | Past cooperation=1 | |
Public studio*ln(Production costs) | 0.340*** | 0.118 | ||
(4.24) | (0.61) | |||
ln(Production costs) | -0.008 | 0.165 | ||
(-0.14) | (0.96) | |||
Public studio*Director power | 0.030** | 0.013 | ||
(2.46) | (0.40) | |||
Director power | -0.010 | 0.022 | ||
(-0.99) | (0.72) | |||
Public studio | -5.712*** | -2.443 | -0.215 | -0.527 |
(-4.29) | (-0.76) | (-1.47) | (-1.17) | |
Sequel | -0.202 | -0.504** | -0.070 | -0.444** |
(-1.21) | (-2.39) | (-0.42) | (-2.14) | |
Friday | -0.371*** | 0.067 | -0.353** | 0.048 |
(-2.60) | (0.29) | (-2.49) | (0.20) | |
PG rating | 0.116 | 0.425*** | 0.072 | 0.374*** |
(1.59) | (3.21) | (1.01) | (2.89) | |
Holiday | -0.052 | 0.155 | 0.001 | 0.193 |
(-0.40) | (0.69) | (0.01) | (0.87) | |
Constant | -0.525 | -3.291 | -0.333 | -0.529 |
(-0.55) | (-1.15) | (-1.00) | (-0.70) | |
Observations | 2,314 | 780 | 2,314 | 780 |
Year FE | Yes | Yes | Yes | Yes |
Pseudo R2 | 0.0246 | 0.0492 | 0.0177 | 0.0470 |
4.4 Performance consequences of releasing movies in the last month
Panel A: Box office performance | ||||
(1) | (2) | (3) | ||
VARIABLES | ln(B.O.) | ln(International B.O.) | Return on investment | |
Last month in a quarter*Public | -0.043 | -0.249* | -0.297 | |
(-0.22) | (-1.80) | (-0.78) | ||
Public studio | 1.123*** | 0.669*** | 2.401*** | |
(6.67) | (5.28) | (7.98) | ||
Last month in a quarter | 0.074 | 0.334** | 0.281 | |
(0.35) | (2.61) | (0.74) | ||
ln(Production costs) | 0.831*** | 1.028*** | -1.071*** | |
(18.72) | (26.35) | (-9.00) | ||
Director power | 0.017*** | 0.011** | 0.036*** | |
(5.54) | (2.51) | (3.56) | ||
Sequel | 0.409*** | 0.656*** | 1.557*** | |
(7.90) | (14.24) | (7.47) | ||
PG rating | -0.063 | 0.081 | 0.098 | |
(-1.27) | (1.31) | (0.81) | ||
Friday | -0.074 | -0.278*** | -0.558** | |
(-0.85) | (-3.19) | (-2.11) | ||
Holiday | 0.151* | 0.245*** | 0.337 | |
(2.06) | (4.52) | (1.61) | ||
Constant | 1.773* | -1.512** | 19.360*** | |
(2.07) | (-2.40) | (9.52) | ||
Observations | 3,094 | 2,836 | 3,094 | |
R-squared | 0.582 | 0.536 | 0.163 | |
Year FE | Yes | Yes | Yes | |
Genre FE | Yes | Yes | Yes | |
Panel B: Google search popularity and video-on-demand revenues | ||||
(1) | (2) | (3) | (1) | |
Google search Month t-1 | Google search Month t | Google search Month t+1 | ln(Video on demand revenues) | |
Last month in a quarter*Public | -2.970* | -6.566*** | 5.077* | 0.325* |
(-1.88) | (-2.60) | (1.66) | (1.89) | |
Public studio | 0.066 | 5.748*** | -0.755 | 0.055 |
(0.07) | (3.77) | (-0.37) | (0.48) | |
Last month in a quarter | 0.782 | 1.670 | 2.576 | -0.186 |
(0.53) | (0.73) | (0.96) | (-1.25) | |
ln(Production costs) | 0.737** | 4.255*** | -0.457 | 0.402*** |
(2.45) | (7.43) | (-0.68) | (10.33) | |
Director power | -0.089** | 0.012 | 0.143* | 0.001 |
(-2.37) | (0.21) | (1.76) | (0.14) | |
Sequel | 2.992*** | 0.648 | -5.038*** | 0.267** |
(4.25) | (0.63) | (-3.02) | (2.46) | |
PG rating | -0.152 | -0.322 | 2.269** | 0.064 |
(-0.31) | (-0.38) | (2.23) | (1.04) | |
Friday | 2.774*** | 7.887*** | -9.936*** | 0.215* |
(3.61) | (4.27) | (-4.56) | (1.68) | |
Holiday | -1.660** | -3.930*** | 5.609*** | 0.243** |
(-2.29) | (-2.59) | (3.12) | (2.36) | |
_cons | 5.456 | 7.739 | 60.006*** | 6.321*** |
(1.07) | (0.79) | (5.43) | (9.80) | |
Year FE | Yes | Yes | Yes | Yes |
Genre FE | Yes | Yes | Yes | Yes |
N | 2258 | 2258 | 2258 | 1712 |
R2 | 0.132 | 0.183 | 0.079 | 0.539 |
Adj. R2 | 0.120 | 0.172 | 0.066 | 0.528 |
4.5 Additional tests
Panel A The impact of emergence of DVDs | ||||
(1) | (2) | |||
Last month in a quarter | Last month in a quarter | |||
Post* Public studio*ln(Production costs) | 0.053** | |||
(2.30) | ||||
Post*Public studio*Director power | 0.028* | |||
(1.69) | ||||
Public studio* ln(Production costs) | 0.167 | |||
(1.11) | ||||
Public studio* Director power | -0.005 | |||
(-0.21) | ||||
ln(Production costs) | 0.049 | |||
(0.37) | ||||
Director power | 0.013 | |||
(0.59) | ||||
Post | -0.347 | 0.191 | ||
(-0.73) | (0.52) | |||
Public studio | -3.300 | -0.059 | ||
(-1.33) | (-0.21) | |||
Sequel | -0.078 | -0.047 | ||
(-0.31) | (-0.19) | |||
Running time | 1.247** | 1.477*** | ||
(2.31) | (2.97) | |||
PG rating | 0.023 | -0.048 | ||
(0.19) | (-0.42) | |||
Friday | -0.228 | -0.207 | ||
(-1.22) | (-1.11) | |||
Holiday | 0.179 | 0.171 | ||
(1.02) | (0.98) | |||
_cons | -7.052** | -7.521*** | ||
(-2.44) | (-3.23) | |||
Year FE | Yes | Yes | ||
Genre FE | Yes | Yes | ||
N | 989 | 989 | ||
Pseudo R2 | 0.035 | 0.034 | ||
Panel B The impact of the studio’s share of the revenue of parents | ||||
(1) | (2) | (3) | (4) | |
Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter | |
high revenue | low revenue | high revenue | low revenue | |
ln(Production costs) | 0.234** | 0.140* | ||
(2.39) | (1.68) | |||
Director power | 0.027*** | 0.002 | ||
(2.93) | (0.19) | |||
Sequel | -0.293 | -0.215 | -0.255 | -0.159 |
(-1.57) | (-1.00) | (-1.37) | (-0.75) | |
Running time | 0.956* | 1.179** | 1.171** | 1.526*** |
(1.86) | (2.19) | (2.47) | (3.01) | |
PG rating | 0.143 | 0.107 | 0.098 | 0.070 |
(1.19) | (0.93) | (0.82) | (0.62) | |
Friday | 0.212 | -0.371* | 0.194 | -0.352* |
(1.02) | (-1.87) | (0.93) | (-1.78) | |
Holiday | -0.027 | 0.200 | -0.009 | 0.239 |
(-0.15) | (1.11) | (-0.05) | (1.33) | |
_cons | -10.537*** | -8.871*** | -7.746*** | -8.048*** |
(-4.40) | (-3.68) | (-3.27) | (-3.31) | |
Year FE | Yes | Yes | Yes | Yes |
Genre FE | Yes | Yes | Yes | Yes |
N | 1058 | 1071 | 1058 | 1071 |
Pseudo R2 | 0.041 | 0.034 | 0.044 | 0.032 |
(1) | (2) | |
---|---|---|
Last month in a quarter | Last month in a quarter | |
Public studio*ln(Production costs) | 0.259*** | |
(3.68) | ||
Quarter 4*Public studio*ln(Production costs) | 0.036*** | |
(3.07) | ||
Public studio*Director power | 0.018 | |
(1.63) | ||
Quarter 4* Public studio*Director power | 0.032*** | |
(3.07) | ||
ln(Budget) | 0.041 | |
(0.78) | ||
Director power | -0.005 | |
(-0.51) | ||
Quarter 4 | -0.686*** | -0.514*** |
(-3.82) | (-3.78) | |
Public studio | -4.598*** | -0.269* |
(-3.97) | (-1.95) | |
Sequel | -0.314** | -0.219* |
(-2.48) | (-1.76) | |
PG rating | 0.183*** | 0.134** |
(2.88) | (2.17) | |
Friday | -0.276** | -0.275** |
(-2.30) | (-2.31) | |
Holiday | 0.029 | 0.064 |
(0.26) | (0.60) | |
_cons | -1.477 | -0.565* |
(-1.64) | (-1.65) | |
Year FE | Yes | Yes |
Genre FE | Yes | Yes |
N | 3094 | 3094 |
Pseudo R2 | 0.025 | 0.019 |
Panel A Public studio and the probability of releasing high-expected-revenue movies in the last month of a quarter based on original and final release dates | |||||
(1) | (2) | (3) | (4) | ||
Initial release dates | Final release dates | ||||
Last month in a quarter | Last month in a quarter | Last month in a quarter | Last month in a quarter | ||
Public studio*ln(Production costs) | 0.258* | 0.513*** | |||
(1.74) | (3.45) | ||||
Public studio*Director power | 0.007 | 0.035* | |||
(0.33) | (1.75) | ||||
Public studio | -4.071* | 0.083 | -8.554*** | -0.261 | |
(-1.65) | (0.30) | (-3.45) | (-0.99) | ||
ln(Production costs) | -0.234* | -0.215* | |||
(-1.77) | (-1.68) | ||||
Director power | 0.009 | -0.020 | |||
(0.47) | (-1.13) | ||||
Sequel | 0.027 | 0.029 | -0.072 | 0.050 | |
(0.14) | (0.15) | (-0.37) | (0.26) | ||
PG rating | 0.169 | 0.166 | 0.249** | 0.206* | |
(1.49) | (1.48) | (2.21) | (1.85) | ||
Friday | -0.142 | -0.132 | -0.116 | -0.132 | |
(-0.74) | (-0.69) | (-0.60) | (-0.70) | ||
Holiday | 0.012 | -0.007 | -0.002 | 0.028 | |
(0.06) | (-0.04) | (-0.01) | (0.15) | ||
_cons | 2.595 | -1.368*** | 2.265 | -0.783 | |
(1.16) | (-2.61) | (1.03) | (-1.50) | ||
Year FE | Yes | Yes | Yes | Yes | |
Genre FE | Yes | Yes | Yes | Yes | |
N | 1105 | 1105 | 1105 | 1105 | |
Pseudo R2 | 0.034 | 0.034 | 0.036 | 0.028 | |
Panel B Percentage of movies that were scheduled in the third month and were released in the third month | |||||
Public | Private | Diff | |||
High potential=1 | 0.720 (n=314) | 0.623 (n=69) | 0.097* | ||
High potential=0 | 0.709 (n=265) | 0.852 (n=81) | -0.142*** | ||
Panel C Number of delay days for movies that were scheduled in the third month of a quarter | |||||
Public | Private | Diff | |||
High potential=1 | 65 (n=314) | 235 (n=69) | -170*** | ||
High potential=0 | 33 (n=265) | 75 (n=81) | -46*** | ||
Panel D Number of delay days for movies that were not scheduled in the third month of a quarter | |||||
Public | Private | Diff | |||
High potential=1 | 77 (n=488) | 83 (n=148) | -6 | ||
High potential=0 | 42 (n=535) | 26 (n=136) | 15*** |