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Table 4 CAMs and stock price positive jump

From: Critical audit matters and stock price crash risk

  (1) Probit
Full sample
(2) Logit
Full sample
(3) Probit
Subsample
(4) Logit
Subsample
Variable Jump Jump Jump Jump
CAM_TREATt-1 0.322a 0.630a 0.685 1.346
  (0.183) (0.329) (0.598) (0.985)
CAM_YEARt-1 0.610c 1.149c 0.672c 1.265c
  (0.0700) (0.134) (0.186) (0.356)
TREAT·YEARt-1 −0.0933 − 0.268 − 1.236 −2.227
  (0.240) (0.413) (0.872) (1.497)
Sizet-1 0.120c 0.218c 0.248c 0.411b
  (0.0332) (0.0612) (0.0961) (0.173)
ABS_DAt-1 −0.899b −1.484a −1.079 − 1.822
  (0.426) (0.797) (1.140) (2.110)
ROAt-1 0.969 1.643 1.290 1.837
  (0.603) (1.126) (1.798) (3.237)
Levt-1 −0.257 −0.471 − 0.529 − 1.003
  (0.179) (0.333) (0.557) (1.029)
Dturnt-1 0.0791b 0.140b −0.109 − 0.174
  (0.0345) (0.0622) (0.112) (0.206)
StdWt-1 −1.384 −2.454 −2.903 −5.363
  (1.424) (2.607) (3.519) (6.461)
MBt-1 0.0437b 0.0823c 0.131c 0.238c
  (0.0174) (0.0315) (0.0460) (0.0825)
SOEt-1 0.0607 0.104 0.556b 0.970b
  (0.0616) (0.114) (0.222) (0.386)
Top1t-1 0.000107 0.000254 0.00245 0.00607
  (0.00189) (0.00352) (0.00513) (0.00973)
Independentt-1 −0.590 −1.001 −0.615 −1.309
  (0.510) (0.945) (1.117) (2.103)
Constant −4.165c −7.457c −6.728c −11.31c
  (0.752) (1.398) (2.191) (3.943)
IND Yes Yes Yes Yes
No. of obs. 3964 3964 691 691
  1. Notes. a, b and c represent the significance levels of 10%, 5%, and 1%, respectively