(1)

(2)

(3)

Perf

Perf

Perf

年份固定效应

No

No

Yes

公司固定效应

No

No

Yes

Pred

0.971^***

0.969^***

0.729^***

(540.295)

(533.605)

(78.982)

Loss*Pred

−0.033^***

−0.032^***

−0.018^***

(−29.285)

(−28.325)

(−20.789)

Issue*Pred

0.027^***

0.028^***

0.111^***

(20.412)

(20.062)

(22.543)

Stkcyc*Pred

0.007^***

0.007^***

0.012^***

(3.946)

(3.911)

(9.577)

Fm*Pred

0.021^***

0.022^***

0.046^***

(17.160)

(17.445)

(23.933)

Lna

−0.003^**

−0.024^***

(−2.197)

(−9.627)

Roce

−0.011^***

−0.005^***

(−10.810)

(−6.127)

H5index

0.012^***

0.010^***

(10.105)

(5.233)

Sd_vol

−0.004^***

−0.0004

(−3.293)

(−0.402)

Institu

0.0009

0.005^***

(0.711)

(3.263)

_cons

0.002^*

0.002^*

0.684^***

(1.923)

(1.859)

(17.198)

N

22152

22152

22152

Adjust R2

0.966

0.966

0.984