SI_Cost

−0.0516^**

−0.1080^**

(−2.0536)

(−2.3080)

SI_Cost*MSRSQRT

0.9479^**

1.6199^**

(2.3066)

(2.1091)

MSRSQRT

−0.3634^**

−0.4126

(−2.5053)

(−1.3498)

Lnsize

0.0109

0.0293

(1.1706)

(1.1957)

Lev

−0.1693^***

−0.4037^***

(−3.0411)

(−3.1195)

ATO

0.1513^***

0.2993^***

(3.1360)

(3.7228)

Cashflow

−0.2612

0.1397

(−0.9117)

(0.3079)

Growth

−0.0003

0.0019^***

(−0.8771)

(2.7216)

Board

0.0489

0.2359^**

(0.9461)

(2.2839)

Indep

0.2108

0.6907^*

(1.0593)

(1.9484)

Top10

−0.0091

0.0529

(−0.1538)

(0.3423)

Dual

−0.0026

0.0383

(−0.1725)

(1.2234)

Industry

Yes

Yes

Year

Yes

Yes

Underwriter

Yes

Yes

_cons

0.0139

−0.7260^**

(0.0657)

(−2.0171)

N

367

367

r²

0.295

0.279