% ==========================================================================
\section{Additional Regression Results}
\label{sec:app_tables}
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Table~\ref{tab:app_full_reg} reports the complete set of coefficient
estimates from the full hedonic model (M9) discussed in
Section~\ref{subsec:full_model}. All 50 covariates are shown with
HC3 robust standard errors.

\begin{table}[!htbp]
\centering
\caption{Full Hedonic Model: Complete Coefficient Estimates (M9)}
\label{tab:app_full_reg}
\begin{threeparttable}
\small
\begin{tabular}{lrrr}
\toprule
Variable & Coeff. & Std.\ Err. & $p$-value \\
\midrule
\multicolumn{4}{l}{\textit{Structural characteristics}} \\
Bedrooms & 1.141*** & (0.346) & 0.001 \\
Bathrooms & $-$0.068 & (0.177) & 0.699 \\
Guests count & 0.046 & (0.064) & 0.476 \\
Log accommodates & $-$0.192 & (0.343) & 0.576 \\
Log bedrooms & $-$2.053*** & (0.770) & 0.008 \\
Log bathrooms & 0.273 & (0.212) & 0.199 \\
Bathrooms/guest & $-$0.033 & (0.421) & 0.938 \\
Bedrooms/guest & 0.399 & (0.349) & 0.253 \\
Is entire home & 0.221 & (0.178) & 0.215 \\
Is private room & 0.285 & (0.188) & 0.130 \\
Is shared room & 0.181 & (0.215) & 0.401 \\
Large capacity & 0.037 & (0.150) & 0.805 \\
Accommodates sq. & $-$0.001 & (0.005) & 0.793 \\
Bedrooms sq. & $-$0.063*** & (0.020) & 0.002 \\
Bathrooms sq. & 0.028** & (0.013) & 0.035 \\
Accommodates $\times$ bedrooms & $-$0.010 & (0.013) & 0.432 \\
Accommodates $\times$ bathrooms & 0.011 & (0.010) & 0.248 \\
\midrule
\multicolumn{4}{l}{\textit{Amenity indices}} \\
Amenities count & $-$0.002 & (0.003) & 0.491 \\
Amenity richness & $-$0.269** & (0.106) & 0.011 \\
Luxury index & 0.061 & (0.273) & 0.824 \\
Business travel & $-$1.156** & (0.558) & 0.039 \\
Family comfort & 0.316 & (0.274) & 0.249 \\
Leisure index & 0.093 & (0.274) & 0.734 \\
Remote work & 0.584 & (0.478) & 0.222 \\
Pets allowed & 0.036 & (0.079) & 0.647 \\
\midrule
\multicolumn{4}{l}{\textit{Host attributes}} \\
Is Superhost & $-$0.065 & (0.079) & 0.410 \\
Superhost flag & 0.060 & (0.126) & 0.636 \\
Multi-listing host & $-$0.043 & (0.071) & 0.548 \\
Superhost $\times$ entire home & 0.007 & (0.099) & 0.946 \\
Guest Favorite flag & 0.048 & (0.092) & 0.602 \\
Is Guest Favorite & $-$0.026 & (0.099) & 0.793 \\
\midrule
\multicolumn{4}{l}{\textit{Reviews and reputation}} \\
Rating & 1.052** & (0.495) & 0.033 \\
Num.\ reviews & 0.003*** & (0.001) & 0.008 \\
Log reviews & $-$0.400*** & (0.102) & 0.000 \\
Review quality & 0.010 & (0.047) & 0.833 \\
Reputation score & $-$0.181 & (0.409) & 0.658 \\
Cleanliness premium & $-$0.036 & (0.079) & 0.647 \\
Location rating premium & 0.062 & (0.076) & 0.415 \\
Has reviews & 9.511** & (3.741) & 0.011 \\
Quality score & 0.002 & (0.001) & 0.211 \\
Num.\ images & $-$0.003 & (0.002) & 0.112 \\
No rating flag & $-$0.038 & (0.131) & 0.772 \\
\midrule
\multicolumn{4}{l}{\textit{Location}} \\
Distance to centre & $-$0.000 & (0.000) & 0.636 \\
Latitude & $-$0.090** & (0.045) & 0.048 \\
Longitude & $-$0.014 & (0.018) & 0.442 \\
\midrule
\multicolumn{4}{l}{\textit{Spatial controls}} \\
Local density 500m & $-$0.008*** & (0.003) & 0.008 \\
Local density 1km & 0.003*** & (0.001) & 0.006 \\
Local avg.\ price 500m & 0.00025*** & (0.00007) & 0.000 \\
Local avg.\ price 1km & $-$0.00003 & (0.00005) & 0.582 \\
Spatial cluster & $-$0.013*** & (0.005) & 0.008 \\
\midrule
\multicolumn{4}{l}{\textit{Text features}} \\
Title length & 0.001 & (0.002) & 0.543 \\
Title word count & $-$0.004 & (0.014) & 0.767 \\
Luxury language & 0.014 & (0.037) & 0.710 \\
Cozy language & 0.004 & (0.036) & 0.919 \\
Professional tone & $-$0.009 & (0.029) & 0.754 \\
Tourism language & 0.004 & (0.020) & 0.853 \\
Text embed.\ 0 & 2.800*** & (0.647) & 0.000 \\
Text embed.\ 1 & 0.356 & (0.583) & 0.541 \\
Text embed.\ 2 & 0.161 & (0.468) & 0.731 \\
Text embed.\ 3 & 0.155 & (0.547) & 0.777 \\
\midrule
Observations & \multicolumn{3}{c}{1,906} \\
$R^2$ & \multicolumn{3}{c}{0.274} \\
Adj.\ $R^2$ & \multicolumn{3}{c}{0.254} \\
AIC & \multicolumn{3}{c}{6,103} \\
\bottomrule
\end{tabular}
\begin{tablenotes}
\footnotesize
\item \textit{Notes:} OLS estimates with HC3 heteroskedasticity-robust
standard errors in parentheses. ***, **, and * indicate statistical
significance at the 1\%, 5\%, and 10\% levels, respectively. The
dependent variable is $\ln(\text{price})$.
\end{tablenotes}
\end{threeparttable}
\end{table}