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