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

Table 8 Additional Controls for Country-Level Variables

Panel A: Dependent Variable: DISPERSION
(1) (2)
Variable Coef. t-stat p-value Coef. t-stat p-value
UK -0.574 -1.35 0.180 -0.453 -0.82 0.410
POST -2.514 -1.96 0.052
YEAR_0506 -2.663 -2.06 0.040
YEAR_0708 0.192 0.19 0.852
YEAR_0910 -0.959 -2.00 0.047
YEAR_1112 -0.121 -0.32 0.749
YEAR_1314 0.276 0.45 0.655
UK×POST 0.313 1.05 0.297
UK×YEAR_0506 1.328 4.20 0.000
UK×YEAR_0708 0.497 1.07 0.288
UK×YEAR_0910 0.591 0.68 0.497
UK×YEAR_1112 -0.396 -0.75 0.454
UK×YEAR_1314 -0.094 -0.22 0.826
ROA -4.244 -3.53 0.001 -4.227 -3.80 0.000
SIZE -0.087 -1.09 0.277 -0.122 -1.46 0.147
LEV 0.761 1.80 0.074 0.818 1.88 0.061
BM 0.116 0.33 0.744 0.122 0.34 0.732
OTHER_A -0.177 -0.51 0.609 -0.088 -0.25 0.804
OTHER_L -1.254 -0.95 0.345 -0.959 -0.69 0.494
EPS_CHANGE 2.014 1.32 0.187 1.770 1.19 0.237
GROWTH -0.061 -0.48 0.631 -0.041 -0.30 0.762
REIT -0.346 -1.32 0.190 -0.137 -0.47 0.636
DIVERSIFIED 0.016 0.07 0.940 0.060 0.29 0.776
STD_RET 44.124 3.06 0.003 47.435 3.30 0.001
PINT 0.332 1.22 0.225 0.364 1.34 0.183
FOLLOW 0.005 0.28 0.781 0.008 0.42 0.675
HORIZON 0.401 2.26 0.025 0.445 2.52 0.013
EPU 0.680 0.77 0.440 0.566 0.49 0.625
GDP_GROWTH 8.427 0.31 0.756 11.811 0.28 0.781

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

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