(1)

(2)

(3)

Perf

Perf

Perf

年份固定效应

No

No

Yes

公司固定效应

No

No

Yes

Perf_lag1

0.576^***

0.571^***

0.242^***

(120.530)

(119.168)

(43.224)

Pred

0.402^***

0.406^***

0.588^***

(81.330)

(81.708)

(59.286)

Loss*Pred

−0.027^***

−0.027^***

−0.018^***

(−29.265)

(−28.805)

(−21.077)

Issue*Pred

0.033^***

0.032^***

0.082^***

(30.585)

(28.144)

(15.648)

Stkcyc*Pred

0.033^***

0.033^***

0.020^***

(22.634)

(22.549)

(15.448)

Fm*Pred

0.020^***

0.019^***

0.037^***

(19.684)

(18.955)

(18.078)

Lna

0.0034^***

−0.019^***

(2.709)

(−6.823)

Roce

−0.011^***

−0.008^***

(−8.511)

(−6.012)

H5index

0.006^***

0.008^***

(5.139)

(3.599)

Sd_vol

−0.0009

0.001

(−0.709)

(0.850)

Institu

0.001

0.006^***

(0.934)

(2.666)

_cons

0.008^***

0.009^***

0.627^***

(9.256)

(9.392)

(14.594)

N

19314

19314

19314

Adjust R2

0.980

0.980

0.986