(1) Short-term (1year)

(2) Mid-term (8 year)

(3) Long-term (24 year)

Intercept

−0.0003 (0.48)

0.003 (0.70)

0.007 (0.78)

β1

0.976*** (1346.86)

0.887*** (199.34)

0.742*** (67.29)

β2

−0.012*** (4.55)

−0.166*** (10.43)

−0.533*** (14.11)

R2

0.956

0.795

0.584

N

95,441

11,885

3936