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[Acknowledgement] This article draws on the first author's dissertation at The Ohio State University. (guest editor), and three anonymous reviewers for helpful comments and discussions. Jessica Zhou provided able assistance.
In addition to the pooled OLS estimations with ROA t+1 as the measure of firm performance that are reported in the paper, we estimated the models using random effects (RE) and fixed effects (FE) specifications. The RE and FE results, which are reported in Table A1, were consistent with the pooled OLS results and supported H1 and H2. We also evaluated our… (More)