Table 7 Robustness checks: Placebo test
(1) | (2) | |
|---|---|---|
DailySprd1 | DailySprd2 | |
HSSCt−2 | − 0.0001 | − 0.0001 |
(− 0.44) | (− 0.36) | |
Size | 0.0025*** | 0.0023*** |
(25.14) | (24.66) | |
Lev | − 0.0061*** | − 0.0054*** |
(− 14.39) | (− 14.15) | |
ROA | 0.0030* | 0.0024* |
(1.94) | (1.75) | |
Cash_vol | − 0.0002*** | − 0.0002** |
(− 2.59) | (− 2.42) | |
Loss | 0.0003 | 0.0003 |
(1.42) | (1.45) | |
Age | 0.0003** | 0.0002* |
(2.41) | (1.90) | |
Opinion | − 0.0003 | − 0.0003 |
(− 0.82) | (− 0.88) | |
Analyst | − 0.0012*** | − 0.0012*** |
(− 16.42) | (− 18.12) | |
Turnover | − 0.0008*** | − 0.0008*** |
(− 51.11) | (− 51.56) | |
_cons | − 0.0935*** | − 0.0838*** |
(− 55.66) | (− 55.24) | |
Industry | Yes | Yes |
Year | Yes | Yes |
N | 17,086 | 17,086 |
adj. R2 | 0.754 | 0.756 |