Impact of accelerated filers and non-accelerated filers on cost of capital
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | PEG | MPEG | OJN | PEG | MPEG | OJN |
| Panel A: accelerated filers | ||||||
| CONSTANT | 0.082*** | 0.114*** | 0.104*** | 0.067*** | 0.085*** | 0.083*** |
| (8.482) | (14.072) | (18.134) | (4.978) | (7.398) | (10.153) | |
| ARL_Q4 | 0.004*** | 0.007*** | 0.005*** | |||
| (2.862) | (5.223) | (5.247) | ||||
| LNARL | 0.011* | 0.019*** | 0.027*** | |||
| (1.835) | (4.925) | (5.074) | ||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes | Yes |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 10,673 | 10,673 | 10,673 | 10,673 | 10,673 | 10,673 |
| R-squared | 0.198 | 0.266 | 0.344 | 0.198 | 0.265 | 0.344 |
| Panel B: non-accelerated filers | ||||||
| CONSTANT | 0.053** | 0.109*** | 0.117*** | 0.039 | 0.085** | 0.081*** |
| (2.219) | (4.007) | (5.384) | (1.05) | (2.087) | (2.914) | |
| ARL_Q4 | 0.001 | 0.001 | 0.001 | |||
| (1.391) | (1.124) | (1.198) | ||||
| LNARL | 0.006 | 0.011 | 0.008 | |||
| (0.888) | (1.308) | (1.47) | ||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes | Yes |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,850 | 1,850 | 1,850 | 1,850 | 1,850 | 1,850 |
| R-squared | 0.183 | 0.216 | 0.275 | 0.182 | 0.215 | 0.274 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variables | PEG | MPEG | OJN | PEG | MPEG | OJN |
| CONSTANT | 0.082*** | 0.114*** | 0.104*** | 0.067*** | 0.085*** | 0.083*** |
| (8.482) | (14.072) | (18.134) | (4.978) | (7.398) | (10.153) | |
| ARL_Q4 | 0.004*** | 0.007*** | 0.005*** | |||
| (2.862) | (5.223) | (5.247) | ||||
| LNARL | 0.011* | 0.019*** | 0.027*** | |||
| (1.835) | (4.925) | (5.074) | ||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes | Yes |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 10,673 | 10,673 | 10,673 | 10,673 | 10,673 | 10,673 |
| 0.198 | 0.266 | 0.344 | 0.198 | 0.265 | 0.344 | |
| CONSTANT | 0.053** | 0.109*** | 0.117*** | 0.039 | 0.085** | 0.081*** |
| (2.219) | (4.007) | (5.384) | (1.05) | (2.087) | (2.914) | |
| ARL_Q4 | 0.001 | 0.001 | 0.001 | |||
| (1.391) | (1.124) | (1.198) | ||||
| LNARL | 0.006 | 0.011 | 0.008 | |||
| (0.888) | (1.308) | (1.47) | ||||
| Controls | Yes | Yes | Yes | Yes | Yes | Yes |
| INDUSTRY_FE | Yes | Yes | Yes | Yes | Yes | Yes |
| YEAR_FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Observations | 1,850 | 1,850 | 1,850 | 1,850 | 1,850 | 1,850 |
| 0.183 | 0.216 | 0.275 | 0.182 | 0.215 | 0.274 | |
Note(s): Standard errors are robust to heteroscedasticity and clustered by firm. t-values are in parentheses. ***p < 0.01, **p < 0.05, *p < 0.10. Variable definitions are reported in Appendix
Source(s): Created by authors