Note(s): This table reports the results from estimating equation (2) using OLS. Column (1) reports results for the “Recent” sample (N = 136,836), and column (2) reports results for the “All” sample (N = 194,980). Robust t-stats clustered at firm level are included in parentheses. The variable Feature denotes HIGH INTENSITY. Two-tailed p-values are indicated: *** p < 0.01, ** p < 0.05, * p < 0.10. All variables are described in  Appendix

Source(s): Table 4 by authors