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The Effect of the Fair Value Reporting Model on Analyst Forecast Properties: Evidence from Real Estate
Firms

Table 7 Assessing Parallel Trend Assumptions

Panel A: Dependent Variable: DISPERSION
(1) (2)
Variable Coef. t-stat p-value Coef. t-stat p-value
UK -0.524 -1.40 0.162 -0.458 -1.11 0.267
PRE 2.792 2.18 0.031 2.596 2.01 0.046
UK×PRE -0.252 -1.07 0.288 -0.220 -0.91 0.362
POST 0.281 2.16 0.032
YEAR_0506 -0.037 -0.36 0.716
YEAR_0708 0.121 0.58 0.563
YEAR_0910 -0.574 -1.31 0.191
YEAR_1112 0.237 1.09 0.276
YEAR_1314 0.330 2.44 0.016
UK×POST 0.211 0.89 0.374
UK×YEAR_0506 1.109 3.30 0.001
UK×YEAR_0708 0.603 1.23 0.221
UK×YEAR_0910 0.421 0.95 0.346
UK×YEAR_1112 -0.598 -1.93 0.055
UK×YEAR_1314 -0.092 -0.35 0.730
ROA -4.192 -3.54 0.001 -3.969 -3.38 0.001
SIZE -0.086 -1.07 0.288 -0.127 -1.56 0.121
LEV 0.729 1.74 0.083 0.829 1.91 0.058
BM 0.093 0.27 0.789 0.118 0.33 0.741
OTHER_A -0.175 -0.50 0.615 -0.079 -0.22 0.827
OTHER_L -1.184 -0.95 0.344 -1.044 -0.76 0.449
EPS_CHANGE 1.957 1.28 0.203 1.749 1.17 0.242
GROWTH -0.074 -0.58 0.561 -0.056 -0.41 0.683
REIT -0.297 -1.24 0.218 -0.148 -0.51 0.614
DIVERSIFIED 0.020 0.09 0.925 0.056 0.27 0.790
STD_RET 46.239 3.61 0.000 47.646 3.52 0.001
PINT 0.317 1.16 0.246 0.367 1.33 0.184
FOLLOW 0.004 0.20 0.845 0.009 0.45 0.651
HORIZON 0.405 2.32 0.021 0.460 2.59 0.010

Fixed effects
n 1,161 1,161
Adj. R 2 0.124 0.133

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