(1)

(2)

(3)

(4)

(5)

(6)

全样本

全样本

业绩期望落差

业绩期望顺差

业绩期望落差

业绩期望顺差

RD

RD

RD

RD

RD

RD

AD

0.365^***

0.355^***

0.483^***

−0.375^*

0.533^***

−0.457^**

(8.53)

(8.26)

(6.60)

(−1.72)

(7.39)

(−2.08)

AD²

−0.0149^*

(−1.81)

FS₁

0.000818

−0.0138

(0.21)

(−1.40)

AD × FS₁

0.0676

0.328^***

(1.59)

(3.35)

FS₂

0.00349

−0.00811

(1.09)

(−1.04)

AD × FS₂

0.0943^***

0.162^**

(2.68)

(2.04)

_CONS

3.137^***

3.144^***

2.781^***

6.208^***

2.789^***

6.306^***

(7.74)

(7.76)

(5.38)

(5.57)

(5.39)

(5.61)

CONTROLS

YES

YES

YES

YES

YES

YES

YEAR

YES

YES

YES

YES

YES

YES

IND

YES

YES

YES

YES

YES

YES

N

17,982

17,982

14,478

3504

14,478

3504

R²

0.468

0.468

0.452

0.571

0.453

0.569

F

158.7

156.8

114.1

37.56

114.2

37.27