Independent Variables | Analyst coverage and the link between investment and stock prices: additional results | |||||||||||
Firm fixed effects (With zero analyst coverage observations) | Firm fixed effects (Without zero analyst coverage observations) | Random effects (With zero analyst coverage observations) | Random effects (Without zero analyst coverage observations) | |||||||||
Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | Model 8 | Model 9 | Model 10 | Model 11 | Model 12 | |
Intercept | −0.3918*** | −0.4068*** | −0.3897*** | −0.6391*** | −0.6741*** | −0.6261*** | −0.3875*** | −0.4206*** | −0.2329*** | −0.5665*** | −0.5540*** | −0.3607*** |
Return | 0.0002 | 0.0001 | 0.0007 | 0.0035 | 0.0043 | 0.0033 | 0.0005 | 0.0006 | 0.001 | 0.0055 | 0.006 | 0.0002 |
Cash flow | 0.0563*** | 0.0896*** | 0.0846*** | 0.0754*** | 0.1022*** | 0.0933*** | 0.1569*** | 0.2374*** | 0.2266*** | 0.2615*** | 0.2853*** | 0.2737*** |
M/B | −0.0001 | −0.0001 | −0.0001 | −0.0002 | −0.0002 | −0.0002 | −0.0002 | −0.0001 | −0.0002 | −0.0004 | −0.0004 | −0.0005 |
Size | 0.0522*** | 0.0532** | 0.055*** | 0.076*** | 0.078*** | 0.082*** | 0.048*** | 0.049*** | 0.053*** | 0.0644*** | 0.063*** | 0.0743*** |
log(1 + NA) | 0.0061* | 0.0154** | 0.014*** | −0.0019 | 0.0045 | 0.0012 | 0.011*** | 0.034*** | 0.030*** | 0.008 | 0.0136** | 0.0324 |
log(1 + NA)* return | −0.0066 | −0.0069 | 0.0002 | −0.0032 | −0.0037 | −0.0037 | −0.0011** | −0.0012*** | −0.0012 | −0.0050* | −0.0052** | −0.0044 |
log(1 + NA)* cash flow | 0.0321*** | 0.0133*** | 0.0693*** | 0.0132*** | ||||||||
Return3t | 0.0004 | 0.0004 | 0.0001 | −0.0032*** | ||||||||
DRI*return | −0.0018 | 0.0014 | −0.0043 | −0.0009 | ||||||||
GDP*return | −0.0002 | 0.0008 | 0.0003 | 0.0001 | ||||||||
CL | 0.0334 | 0.043 | −0.073*** | −0.0874*** | ||||||||
CL*return | −0.0027 | −0.0036 | −0.002 | 0.0005 | ||||||||
R2 | 0.3654 | 0.3295 | 0.3049 | 0.3678 | 0.3614 | 0.3218 | 0.4787 | 0.4604 | 0.4415 | 0.5256 | 0.5263 | 0.5096 |
N | 69 344 | 68 077 | 65 879 | 38 228 | 37 976 | 36 634 | 69344 | 68077 | 65 879 | 38228 | 37976 | 36 634 |