Lag Firm stock perf.

1.396***

0.563*

0.317**

0.119

*Financial Crisis

(0.315)

(0.300)

(0.160)

(0.215)

Lag S&P perf.

−0.861***

−0.271

0.0974

−0.0299

(0.273)

(0.261)

(0.137)

(0.185)

Time trend

−0.0393

−0.189***

0.0574***

0.0963***

(0.0388)

(0.0370)

(0.0197)

(0.0264)

Constant

5.232***

5.578***

5.008***

5.805***

(0.905)

(0.855)

(0.709)

(0.817)

Industry effects

Yes

Yes

Yes

Yes

Observations

769

769

786

785

R-squared

0.207

0.257

0.322

0.256

Number of entities

113

113

115

115