| 1 | A | B | C | D |
| --- | --- | --- | --- | --- |
| 2 | impact of firm-level shocks on aggregate sales growth |  |  |  |
| 3 |  | dependent variable, aggregate sales growth |  |  |
| 4 |  | granular shock 1 | granular shock 2 | granular shock 3 |
| 5 | granular shock |  |  |  |
| 6 | coefficient | 0.686 | 0.685 | 0.683 |
| 7 | standard error | 0.091 | 0.074 | 0.076 |
| 8 | constant |  |  |  |
| 9 | coefficient | 0.010 | 0.039 | 0.033 |
| 10 | standard error | 0.005 | 0.006 | 0.006 |
| 11 | number of observations | 1,032 | 1,032 | 1,032 |
| 12 | r-squared | 0.23 | 0.46 | 0.45 |

Question: what is the percentage of the annual variation in industry sales growth explained by the granular shock measure gs1?
Answer: 0.23

Question: what is the percentage of the annual variation in industry sales growth explained by the granular shock measure gs2?
Answer: 0.46