Overcharge

(1)

(2)

(3)

constant

−10.164***

(−33.139)

−10.147***

(−32.989)

−10.062***

(−30.582)

Lnnum

0.028***

(2.978)

0.023**

(2.073)

0.008

(0.643)

Local

0.024(0.696)

−0.338**

(−2.480)

Lnnum × Local

0.074***

(2.745)

Opinion

0.217***

(2.85)

0.219***

(2.871)

0.222***

(2.910)

Lnasset

0.450***

(32.114)

0.449***

(32.072)

0.448***

(31.985)

Lev

0.0003

(0.338)

0.0004

(0.358)

0.0004

(0.391)

Big 4

1.333***

(20.627)

1.334***

(20.63)

1.321***

(20.408)

Industry

control

control

control

Adj.R²

0.479

0.479

0.481

No. of obs.

2716

2716

2716