|
| Peer Firm Average Equity Shock | |
|
| Contemporaneous | 1-Period-Lead |
|
| Independent Vars. | Independent Vars. |
| Firm-specific Factors |
|
|
| size | 0.00849* | 0.0119 |
|
| (0.00485) | (0.0160) |
| mtbr_a | 0.0108 | −0.00681 |
|
| (0.00844) | (0.0222) |
| prof | −0.0440 | −0.156 |
|
| (0.0292) | (0.110) |
| tang | 0.0246 | 0.0773 |
|
| (0.0167) | (0.0626) |
| PFA Characteristics | YES | YES |
| Firm i Equity Return Shock | YES | YES |
| Industry Fixed Effects | YES | YES |
| Year Fixed Effects | YES | YES |
| Observations | 8432 | 8432 |
| R-squared | 0.856 | 0.933 |