Pooled OLS

Pooled OLS

2SLS

2SLS

Variable

Coef. (S. E.)

Coef. (S. E.)

Coef. (S. E.)

Coef. (S. E.)

CONSTANT

0.054 (0.033)*

0.059 (0.032)*

0.054 (0.025)**

0.059 (0.025)**

BETA

0.093 (0.016)**

0.094 (0.016)**

0.094 (0.021)**

0.095 (0.021)**

P/E

0.001 (0.001)

0.0001 (0.0001)

0.001 (0.0001)**

0.001 (0.0001)**

RESTATEMENT × BETA

0.053 (0.043)

0.052 (0.043)

0.051 (0.020)**

0.051 (0.020)**

RESTATE NUM

−0.017 (0.007)**

−0.017 (0.012)

R-squared

0.1762

0.1800

0.1727

0.1765

Adj. R-squared

0.1703

0.1722

0.1667

0.1686

Mean of dep. variable

0.1963

0.1963

0.1954

0.1954

Observations

423

423

419

419