Table 9 Analyst reputation.
From: Consequences of firm-specific stock price crashes on analyst forecasts: Evidence from China
(1) | (2) | |
|---|---|---|
Star | Non-star | |
FERROR | FERROR | |
CRASH | 5.957** | −0.606 |
(2.748) | (1.056) | |
POST | 0.007 | 0.073** |
(0.086) | (0.032) | |
CRASH*POST | −0.157 | −0.187*** |
(0.117) | (0.041) | |
SIZE | −0.681 | −0.422 |
(0.794) | (0.331) | |
LEV | −1.246 | −0.604 |
(2.079) | (0.652) | |
ROA | −15.907*** | −16.043*** |
(5.200) | (2.419) | |
INBOARD | 0.467 | 0.390 |
(1.195) | (0.419) | |
INDENP | −6.012 | 0.967 |
(6.263) | (1.402) | |
SHRCR | −0.019 | 0.010 |
(0.031) | (0.013) | |
INST | −1.998*** | −0.474 |
(0.738) | (0.295) | |
AUDITFEE | 0.165 | 0.090 |
(0.233) | (0.118) | |
SOE | −0.809** | −0.388 |
(0.323) | (0.569) | |
COMMITTEE | −2.014* | 0.277 |
(1.071) | (0.260) | |
BIG4 | −0.938*** | −0.004 |
(0.293) | (0.240) | |
EXP | −0.013 | −0.001 |
(0.014) | (0.001) | |
HORIZON | 0.057*** | 0.060*** |
(0.011) | (0.005) | |
SPECIFIC | −0.004 | 0.000 |
(0.009) | (0.002) | |
TFOLLOWING | −0.001 | −0.000 |
(0.001) | (0.000) | |
BSIZE | −0.030* | −0.010** |
(0.016) | (0.005) | |
TEAM | −0.103 | −0.023** |
(0.085) | (0.010) | |
_cons | 16.654 | 9.326 |
(17.150) | (7.945) | |
N | 3863 | 52974 |
R2 | 0.767 | 0.650 |
Year | Yes | Yes |
Match | Yes | Yes |
