Problem 1.1. The spreadsheet provided with this problem lists quarterly dividends for 20 years for selected firms. The Excel file has two worksheets, one with the data in grid form and the other with the same data in list form. Two csv files are also provided with the same data.

Of the 79 395 dividend changes (dividend in a quarter minus the previous quarters dividend for the same firm), what percent are increases, what percent are decreases, and what percent are no changes? [You should see ll dividend decreases in 2003Q2]

Which quarter saw the largest number of divided decreases (from the previous quarter)?