Table 10 Analyst effort.

From: Consequences of firm-specific stock price crashes on analyst forecasts: Evidence from China

 

(1)

(2)

(3)

(4)

(5)

(6)

 

Visit

Non-visit

Local

Non-local

Star

Non-star

 

PRIVACY

PRIVACY

PRIVACY

PRIVACY

PRIVACY

PRIVACY

CRASH

12.620***

3.008

−0.001

3.831*

−12.992***

3.635*

 

(4.421)

(2.086)

(3.689)

(2.071)

(4.997)

(2.026)

POST

−0.014

0.027

−0.021

0.045

0.298

0.031

 

(0.169)

(0.070)

(0.165)

(0.071)

(0.190)

(0.071)

CRASH*POST

0.529**

0.345***

0.340

0.329***

−0.179

0.358***

 

(0.239)

(0.107)

(0.223)

(0.105)

(0.234)

(0.107)

SIZE

−0.323

0.816

0.321

0.728

−0.378

0.734

 

(1.292)

(0.653)

(1.346)

(0.652)

(1.519)

(0.653)

LEV

3.428

−1.247

−3.353

−0.206

1.568

−0.701

 

(2.580)

(1.360)

(2.784)

(1.323)

(2.598)

(1.372)

ROA

24.033*

25.416***

34.483***

25.144***

19.671**

26.385***

 

(14.312)

(6.386)

(8.109)

(6.684)

(7.642)

(7.115)

INBOARD

2.531

3.508**

4.092**

3.079**

4.666**

3.218**

 

(2.323)

(1.372)

(2.019)

(1.328)

(2.036)

(1.461)

INDENP

7.543

3.461

8.214*

3.420

7.713

3.582

 

(5.862)

(3.371)

(4.457)

(3.426)

(8.003)

(3.466)

SHRCR

−0.094

−0.023

−0.009

−0.029

0.012

−0.029

 

(0.065)

(0.023)

(0.029)

(0.023)

(0.052)

(0.022)

INST

−0.577

1.139*

0.952

0.905

2.434**

0.825

 

(1.476)

(0.681)

(1.410)

(0.670)

(1.236)

(0.695)

AUDITFEE

1.182

−0.167

0.572

−0.107

0.464

−0.135

 

(0.718)

(0.319)

(0.655)

(0.328)

(0.600)

(0.337)

SOE

−1.532

−1.105**

−1.103

−1.150**

1.789***

−1.182**

 

(1.748)

(0.547)

(0.787)

(0.582)

(0.549)

(0.549)

COMMITTEE

1.200

1.890*

0.414

1.539

−0.203

1.520

 

(1.105)

(1.134)

(1.720)

(1.054)

(4.417)

(1.074)

BIG4

0.301

0.397

1.251

0.373

0.740

0.391

 

(0.508)

(0.758)

(0.961)

(0.756)

(1.154)

(0.764)

EXP

0.032*

−0.000

−0.040*

0.005

0.028

−0.001

 

(0.017)

(0.004)

(0.021)

(0.004)

(0.026)

(0.004)

HORIZON

−0.235***

−0.233***

−0.213***

−0.234***

−0.250***

−0.232***

 

(0.024)

(0.010)

(0.025)

(0.010)

(0.025)

(0.010)

SPECIFIC

−0.038

0.007

−0.015

0.007

−0.026

0.008

 

(0.024)

(0.006)

(0.036)

(0.006)

(0.028)

(0.006)

TFOLLOWING

0.002

0.001

0.003

0.001

0.001

0.001

 

(0.003)

(0.001)

(0.004)

(0.001)

(0.003)

(0.001)

BSIZE

0.036

−0.011

0.001

−0.008

0.028

−0.009

 

(0.035)

(0.013)

(0.025)

(0.013)

(0.027)

(0.014)

TEAM

0.151*

0.051**

−0.174

0.073***

0.159

0.054**

 

(0.085)

(0.023)

(0.138)

(0.023)

(0.167)

(0.023)

_cons

−8.663

−25.311

−14.093

−22.663

−0.416

−22.538

 

(34.502)

(16.880)

(30.345)

(17.030)

(38.501)

(17.022)

N

5494

50430

4338

51586

3813

52111

R2

0.773

0.695

0.779

0.696

0.804

0.696

Year

Yes

Yes

Yes

Yes

Yes

Yes

Match

Yes

Yes

Yes

Yes

Yes

Yes

  1. Table 10 shows the results of analyst efforts for additional analysis. Columns 1 and 2 are grouped according to analyst on-the-spot investigations. Columns 3 and 4 columns are grouped according to geographical proximity. Columns 5 and 6 are grouped according to star analyst. The regression includes year and matched-pair fixed effects. The sample covers the company-month-analyst data of non-missing values of all variables during the period 2001–2020. Robust t-statistics corrected for firm clustering are reported in parentheses. *, ** and *** indicate statistical significance at the 10%, 5% and 1% levels, respectively. All variables are defined in Appendix A.
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