变量

(1)

(2)

(3)

(4)

(5)

(6)

Analyst

0.066^***

0.025^**

0.026^***

(7.40)

(2.50)

(2.64)

Follow

0.087^***

0.036^***

0.039^***

(7.79)

(2.94)

(3.12)

Analyst*Reg

−0.041^***

(−2.63)

Follow*Reg

−0.050^***

(−2.74)

size

0.202^***

0.199^***

0.200^***

0.197^***

(11.66)

(11.48)

(11.58)

(11.39)

Growth

−0.098^***

−0.099^***

−0.092^***

−0.092^***

(−3.41)

(−3.43)

(−3.20)

(−3.21)

Lev

−0.100

−0.096

−0.113^*

−0.109^*

(−1.57)

(−1.50)

(−1.78)

(−1.72)

INSH

0.012

0.010

0.019

0.018

(0.25)

(0.22)

(0.42)

(0.39)

Dual

−0.082^***

−0.083^***

−0.080^***

−0.080^***

(−3.96)

(−3.99)

(−3.83)

(−3.86)

BM

0.414^***

0.425^***

0.409^***

0.419^***

(7.59)

(7.79)

(7.47)

(7.67)

Volatility

−0.006

−0.006

−0.006

−0.006

(−1.30)

(−1.29)

(−1.41)

(−1.40)

Constant

−0.979^***

−0.991^***

−1.724^***

−1.728^***

−1.708^***

−1.713^***

(−41.79)

(−41.73)

(−38.14)

(−38.21)

(−37.42)

(−37.55)

Observations

12,142

12,142

12,142

12,142

12,142

12,142

Adj_R^2

0.239

0.240

0.302

0.302

0.302

0.302

Industry FE

YES

YES

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

YES

YES