(1)

(2)

(3)

(4)

(5)

Inf

0.000

0.000

−0.000

−0.001*

0.037*

(1.23)

(1.05)

(−0.54)

(−1.68)

(1.91)

Laccuracy

0.000

0.000

0.000

0.003**

0.257***

(0.30)

(1.44)

(0.32)

(2.34)

(6.74)

_Cons

0.000**

0.000***

0.000***

0.001***

−0.030***

(2.44)

(6.63)

(3.79)

(4.68)

(−3.82)

Control Variable

Yes

Yes

Yes

Yes

Yes

Year Quarter Industry Effect

Yes

Yes

Yes

Yes

Yes

Test Inf(1) = Inf(5)

Chi(2) = 4.29** Prob > Chi(2) = 0.0384

N

4271

4276

4391

4666

4550

adj. R-sq

0.031

0.008

0.019

0.013

0.172

Devied in 8 groups

Test Inf(1) = Inf(8)

Chi(2) = 4.35** Prob > Chi(2) = 0.0369