(1)

(2)

(3)

(4)

Analyst = 0

Analyst = 1

Analyst = 0

Analyst = 1

lndis1

0.0151**

0.0090

(2.45)

(0.97)

lndis2

0.0125*

0.0055

(1.85)

(0.56)

liudong

−0.0115***

−0.0179***

−0.0114***

−0.0177***

(−3.56)

(−3.94)

(−3.52)

(−3.90)

growth

0.0057

−0.0166

0.0059

−0.0160

(0.39)

(−0.68)

(0.40)

(−0.66)

lev

−0.0073

−0.4880***

−0.0064

−0.4860***

(−0.11)

(−4.70)

(−0.10)

(−4.68)

roa

−0.0595

0.3790

−0.0600

0.3780

(−0.26)

(1.26)

(−0.26)

(1.25)

lnsize

0.3250***

0.4370***

0.3240***

0.4370***

(29.63)

(29.74)

(29.58)

(29.68)

inv

0.0342

0.4840***

0.0377

0.4880***

(0.39)

(3.77)

(0.42)

(3.80)

rec

0.0724

0.1740

0.0747

0.1810

(0.72)

(1.30)

(0.74)

(1.35)

big4

0.8720***

0.5510***

0.8720***

0.5500***

(16.88)

(12.07)

(16.86)

(12.05)

Ind

control

control

control

control

Year

control

control

control

control

_cons

6.1710***

3.7090***

6.1920***

3.7300***

(25.43)

(10.32)

(25.45)

(10.39)

N

1928

1439

1928

1439