Halving the time length T and reducing the instrument count from 1,105 to 557 decreases the estimate of the price parameter in absolute terms by .02 (from –.2536 to –.2330). The decrease for the ratings volume estimate is .01 (from .0269 to .0169), while that for the ratings valence is .007 (from .0296 to .0224). The estimate for the update variable decreases by .006. These variations do not alter our substantive findings; thus, our results are robust to variation in number of instruments.