Table 3 Main result (1) (2) (3) (4)...

Table 3

Main result

	(1)	(2)	(3)	(4)
Dependent: FE	Recent	All	Recent	All
HRE	0.103***	0.111***	0.106***	0.115***
HRE	(4.58)	(5.48)	(5.21)	(6.34)
COVID	0.236***	0.291***	0.281***	0.335***
COVID	(23.02)	(26.97)	(28.08)	(32.20)
HRE * COVID	−0.136***	−0.133***	−0.152***	−0.160***
HRE * COVID	(−6.28)	(−6.49)	(−7.45)	(−8.40)
SIZE			−0.125***	−0.104***
SIZE			(−21.52)	(−18.94)
ANALYSTS_ISSUING			0.000	−0.002**
ANALYSTS_ISSUING			(0.21)	(−2.35)
DURATION			0.001	0.000
DURATION			(0.64)	(0.23)
BAD_NEWS			0.204***	0.244***
BAD_NEWS			(17.56)	(21.73)
LEV			0.816***	0.848***
LEV			(22.27)	(23.89)
FCF			−0.268***	−0.380***
FCF			(−5.28)	(−7.88)
KZINDEX			−0.000***	−0.000
KZINDEX			(−3.58)	(−0.46)
INVESTMENT			−0.400***	−0.465***
INVESTMENT			(−6.05)	(−7.52)
BTM			0.986***	0.952***
BTM			(35.89)	(37.72)
IND_EXPERIENCE			−0.005***	−0.005***
IND_EXPERIENCE			(−3.98)	(−4.12)
Constant	0.374***	0.475***	0.103	0.068
Constant	(3.91)	(3.27)	(1.02)	(0.45)
Observations	136,836	194,980	136,836	194,980
R-squared	0.0497	0.0594	0.1626	0.1778
Firm and Analyst FE	Y	Y	Y	Y

	(1)	(2)	(3)	(4)
Dependent: FE	Recent	All	Recent	All
HRE	0.103***	0.111***	0.106***	0.115***
HRE	(4.58)	(5.48)	(5.21)	(6.34)
COVID	0.236***	0.291***	0.281***	0.335***
COVID	(23.02)	(26.97)	(28.08)	(32.20)
HRE * COVID	−0.136***	−0.133***	−0.152***	−0.160***
HRE * COVID	(−6.28)	(−6.49)	(−7.45)	(−8.40)
SIZE			−0.125***	−0.104***
SIZE			(−21.52)	(−18.94)
ANALYSTS_ISSUING			0.000	−0.002**
ANALYSTS_ISSUING			(0.21)	(−2.35)
DURATION			0.001	0.000
DURATION			(0.64)	(0.23)
BAD_NEWS			0.204***	0.244***
BAD_NEWS			(17.56)	(21.73)
LEV			0.816***	0.848***
LEV			(22.27)	(23.89)
FCF			−0.268***	−0.380***
FCF			(−5.28)	(−7.88)
KZINDEX			−0.000***	−0.000
KZINDEX			(−3.58)	(−0.46)
INVESTMENT			−0.400***	−0.465***
INVESTMENT			(−6.05)	(−7.52)
BTM			0.986***	0.952***
BTM			(35.89)	(37.72)
IND_EXPERIENCE			−0.005***	−0.005***
IND_EXPERIENCE			(−3.98)	(−4.12)
Constant	0.374***	0.475***	0.103	0.068
Constant	(3.91)	(3.27)	(1.02)	(0.45)
Observations	136,836	194,980	136,836	194,980
R-squared	0.0497	0.0594	0.1626	0.1778
Firm and Analyst FE	Y	Y	Y	Y

Note(s): This table reports the results from estimating equation (1) using an OLS specification. Columns (1) and (3) report results for the “Recent” sample (N = 136,836), and columns (2) and (4) report results for the “All” sample (N = 194,980). Robust t-stats based on standard errors clustered at firm-forecast period end date level are included in parentheses. Two-tailed p-values are indicated: *** p < 0.01, ** p < 0.05, * p < 0.10. All variables are described in Appendix

Source(s): Table 3 by authors

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