Variable

Equation (1): Small and Large Client Segments (2004-2011)

Coef.

t-stat

p-value

FeePrem

0.235

12.435

0.000

***

Big3Per

0.164

12.780

0.000

***

ClientSeg

(0.089)

(5.006)

0.000

***

FeePrem × ClientSeg

0.076

4.531

0.000

***

TA

0.251

33.862

0.000

***

IndPTA

1.428

7.291

0.000

***

SUBS

0.093

15.089

0.000

***

FORN

0.051

2.416

0.016

**

ROI

(0.351)

(7.832)

0.000

***

LIQ

0.124

4.378

0.000

***

LEV

0.001

1.842

0.065

*

LOSS

0.093

9.194

0.000

***

GAAP

1.504

24.641

0.000

***

TEAM

0.014

4.381

0.000

***

TENR

(0.015)

(5.055)

0.000

***

NAF

0.137

13.515

0.000

***

AISpec

0.140

2.435

0.015

**

DOMN

0.016

6.814

0.000

***

AOP

(0.215)

(1.998)

0.046

**

POW

0.201

9.526

0.000

***

DIST

(0.561)

(4.031)

0.000

***

GFC

(0.187)

(1.349)

0.177

REG

0.100

0.724

0.469

ACC

0.020

0.270

0.787

n

15,310

Industry dummy variables

Included

Year dummy variables

Included

Adj. R-Squared

64.02%