| Her5 | 0.000 | −0.000 | 0.002 |
| (0.31) | (−1.38) | (1.33) | |
| Inst | −0.000** | −0.000 | −0.005* |
| (−2.19) | (−1.22) | (−1.68) | |
| Lnanalyst | 0.000 | −0.000** | −0.000** |
| (1.40) | (−2.02) | (−2.40) | |
| Gdp_g | 0.000 | 0.000* | 0.005 |
| (0.53) | (1.65) | (0.61) | |
| _Cons | 0.000 | 0.000 | −0.026*** |
| (0.76) | (0.08) | (−4.47) | |
| Year Quarter Industry Effect | Yes | Yes | Yes |
| Test Inf(1) = Inf(3) | chi2(1) = 9.12*** Prob > chi2 = 0.0025 | ||
| N | 7088 | 7369 | 7697 |
| adj. R-sq | 0.054 | 0.045 | 0.155 |