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Using SAS code Calculate abnormal research and development expenses, using industry average of the concurrent year as a benchmark. Named the abnormal research and development expenses X3. Hint: use Proc sql and group by clauses to get the industry average of the R&D to assets ratio for each year. Excess research and development expenses for each firm is the firm level R&D to assets ratio minus the industry average of the concurrent year.

Using SAS code Calculate abnormal research and development expenses, using industry average of the concurrent year as a benchmark. Named the abnormal research and development expenses X3. Hint: use Proc sql and group by clauses to get the industry average of the R&D to assets ratio for each year. Excess research and development expenses for each firm is the firm level R&D to assets ratio minus the industry average of the concurrent year