1. )] that use market returns during firm i's fiscal year and market-adjusted two-digit GICS sector industry returns for firm i during its fiscal year as measures of outcomes that users of financial reports are relatively unlikely to attribute to firm managers, and industry-adjusted firm returns as the measure of firmspecific outcomes;Appendix A defines all model variables. *** , ** , and * denote significance at the 1%, 5%, and 10% levels
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