Table 2 Univariate results Forecast...

Table 2

Univariate results

	Forecast error
	Pre-COVID-19 period (1)	COVID-19 period (2)	Differential effect (2) – (1)
Panel A: “Recent” sample
N	41,411	95,425
non-HRE analysts	0.389	0.615	0.226***
HRE analysts	0.541	0.631	0.090
Diff-in-diff			−0.136***

	Forecast error
	Pre-COVID-19 period (1)	COVID-19 period (2)	Differential effect (2) – (1)
Panel A: “Recent” sample
N	41,411	95,425
non-HRE analysts	0.389	0.615	0.226***
HRE analysts	0.541	0.631	0.090
Diff-in-diff			−0.136***

	Forecast error
	Pre-COVID-19 period	COVID-19 period	Differential effect (2) – (1)
Panel B: “All” sample
N	55,880	139,100
non-HRE analysts	0.394	0.675	0.281***
HRE analysts	0.498	0.649	0.151
Diff-in-diff			−0.131***

	Forecast error
	Pre-COVID-19 period	COVID-19 period	Differential effect (2) – (1)
Panel B: “All” sample
N	55,880	139,100
non-HRE analysts	0.394	0.675	0.281***
HRE analysts	0.498	0.649	0.151
Diff-in-diff			−0.131***

Note(s): This table provides the univariate results for HRE and non-HRE analysts across two periods, i.e., pre-COVID-19 and during COVID-19. Panel A reports the results for the “Recent” sample (N = 136,836), and Panel B reports the results for the “All” sample (N = 194,980)

Source(s): Table 2 by authors

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