| 1 | A | B | C | D |
| --- | --- | --- | --- | --- |
| 2 | impact of firm-level shocks on aggregate investment growth |  |  |  |
| 3 |  | dependent variable, aggregate investment growth |  |  |
| 4 |  | granular shock 1 | granular shock 2 | granular shock 3 |
| 5 | granular shock |  |  |  |
| 6 | coefficient | 0.570 | 0.768 | 0.764 |
| 7 | standard error | 0.216 | 0.149 | 0.149 |
| 8 | constant |  |  |  |
| 9 | coefficient | -0.035 | -0.086 | -0.078 |
| 10 | standard error | 0.014 | 0.012 | 0.011 |
| 11 | number of observations | 946 | 946 | 946 |
| 12 | r-squared | 0.13 | 0.37 | 0.36 |

Question: what is the range of annual industry-level variation that granular shocks can explain?
Answer: 0.13, 0.37