变量

缩短样本时间

替换解释变量

PSM回归

(1)

(2)

(3)

(4)

(5)

Analyst

0.046^***

0.008

−3.84

−0.25

Analyst*Reg

−0.074^***

−0.064^**

(−3.25)

(−2.48)

Follow

0.063^***

0.027

−4.31

−0.66

Follow*Reg

−0.084^***

−0.082^***

(−3.21)

(−2.72)

Report

0.020^**

(2.02)

Report*Reg

−0.037^***

(−2.81)

Size

0.227^***

0.223^***

0.204^***

0.205^***

0.202^***

−11.32

−11.17

(11.74)

−3.62

−3.59

Growth

−0.031

−0.031

−0.089^***

−0.107

−0.111

(−0.85)

(−0.85)

(−3.09)

(−1.50)

(−1.54)

Lev

−0.274^***

−0.269^***

−0.119^*

−0.047

−0.033

(−3.56)

(−3.51)

(−1.87)

(−0.23)

(−0.16)

INSH

−0.011

−0.013

0.024

−0.008

−0.018

(−0.19)

(−0.23)

(0.52)

(−0.05)

(−0.12)

Dual

−0.103^***

−0.104^***

−0.079^***

−0.068

−0.068

(−4.09)

(−4.12)

(−3.78)

(−1.13)

(−1.14)

BM

0.430^***

0.441^***

0.394^***

−0.379

−0.352

−7

−7.23

(7.18)

(−1.20)

(−1.12)

Volatility

−0.006

−0.006

−0.006

−0.011

−0.011

(−1.11)

(−1.09)

(−1.42)

(−0.77)

(−0.77)

Constant

−1.794^***

−1.799^***

−1.721^***

−1.480^***

−1.503^***

(−33.99)

(−34.14)

(−38.12)

(−9.47)

(−9.54)

Observations

7842

7842

12,138

1303

1303

Adj_R^2

0.377

0.377

0.302

0.316

0.317

Industry FE

YES

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

YES