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Table 2 Baseline regression

From: The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

Variable (1)(2)(3)
SynSynSyn
Ad−1.043a (−3.86)−1.073a (−3.97)−1.067a (−3.95)
Debt −0.262a (−4.30)−0.258a (−4.25)
Size 0.017 (1.07)0.016 (0.99)
Mb −0.043b (−2.37)−0.044b (−2.38)
Turnover −0.104a (−11.67)−0.109a (−12.21)
Big4 −0.139a (−3.31)−0.134a (−3.20)
Age 0.058a (3.43)0.050a (2.83)
Roa −0.051 (−0.26)−0.043 (−0.22)
Institution −0.284a (−5.73)−0.238a (−4.58)
Top1  −0.176a (−2.63)
Msh  0.014 (0.71)
Independent  0.073 (0.46)
_Cons0.026 (0.21)0.194 (0.52)0.263 (0.70)
Year fixed effectsYesYesYes
Industry fixed effectsYesYesYes
No. of obs.9,3609,3609,360
Adj. R20.2910.3230.324
  1. Notes. Numbers in parentheses are t-statistics based on standard errors clustered by firm when we control for year and industry effects
  2. a and b denote statistical significance at the 1%, 5%, and 10% levels, respectively