Table 2 Regressions of forecast precision
From: Major government customer and management earnings forecasts
Whole sample | Subsamples | ||||
|---|---|---|---|---|---|
Model 1 | Model 2 | Negative surprise | Match | Positive surprise | |
Intercept | −3.135** | −3.148** | − 2.741* | −2.969* | − 3.500 |
(−2.35) | (− 2.07) | (− 1.76) | (− 1.85) | (− 1.47) | |
GOV | 1.024** | 0.749** | 0.987* | 0.358 | 1.320*** |
(2.28) | (2.07) | (1.76) | (0.83) | (2.92) | |
BMR | −0.956 | − 0.659 | −1.783** | 0.373 | −0.477 |
(−1.24) | (− 0.85) | (− 1.96) | (0.32) | (− 0.38) | |
ROA | 2.191 | 1.251 | 1.981 | 3.797 | 1.359 |
(1.10) | (0.63) | (0.93) | (1.26) | (0.44) | |
SIZE | 0.394** | 0.342** | 0.271 | 0.400** | 0.535* |
(2.24) | (2.00) | (1.51) | (2.04) | (1.78) | |
RETVOL | −25.134* | −14.157 | −8.945 | −29.190 | −43.408* |
(−1.92) | (−0.84) | (−0.62) | (−1.34) | (− 1.94) | |
LOSS | −1.354*** | − 1.358*** | −1.506*** | − 1.377* | −1.585* |
(−3.27) | (−3.26) | (−3.40) | (−1.79) | (−1.85) | |
GROWTH | 1.091 | 1.635** | 0.773 | 0.524 | 1.780 |
(1.59) | (2.41) | (0.89) | (0.66) | (1.26) | |
LEV | −3.342* | −3.386* | −3.572 | −0.514 | −4.607** |
(−1.66) | (−1.90) | (− 1.55) | (− 0.35) | (−2.05) | |
AGE | −0.093 | 0.058 | 0.093 | −0.307 | −0.256 |
(−0.43) | (0.24) | (0.35) | (−1.15) | (−0.78) | |
Industry FE | No | Yes | No | No | No |
Year FE | No | Yes | No | No | No |
Clustered error | Yes | Yes | Yes | Yes | Yes |
No. of obs. | 1,149 | 1,149 | 578 | 282 | 289 |
Adj. R2 | 0.204 | 0.247 | 0.177 | 0.190 | 0.259 |