| Variable | (1) | (2) |
| Coverage | BroCoverage | |
| Size | 0.053*** | 0.078*** |
| (49.071) | (54.157) | |
| Turnover | −0.005*** | −0.006*** |
| (−12.797) | (−11.823) | |
| Return | 0.020*** | 0.028*** |
| (8.208) | (8.718) | |
| VO | −0.234*** | −0.379*** |
| (−4.649) | (−5.623) | |
| MB | −0.141*** | −0.222*** |
| (−26.149) | (−30.810) | |
| Star | 0.094*** | 0.139*** |
| (34.871) | (38.534) | |
| Exp | 0.015*** | −0.012*** |
| (34.872) | (−20.416) | |
| Gender | 0.005* | 0.016*** |
| (1.915) | (5.056) | |
| Degree | −0.001 | −0.012*** |
| (−0.361) | (−3.801) | |
| Brokerage | 0.075*** | 0.260*** |
| (54.004) | (139.345) | |
| Constant | −0.706*** | −1.991*** |
| (−22.831) | (−48.192) | |
| Year | control | control |
| Industry | control | control |
| Observations | 166,689 | 166,689 |
| R-squared | 0.081 | 0.203 |