Independent variable

A

B

C

Intercept

0.0924^**

0.1170^***

0.0998^**

(0.005)

(0.000)

(0.008)

Ln(NAV)

−0.0052^**

−0.0046^**

−0.0050^**

(0.002)

(0.004)

(0.002)

St. dev.

−0.5968^***

−0.6631^***

−0.6020^***

(0.000)

(0.00)

(0.000)

LowPerf

0.05303

0.1092^*

0.1932^*

(0.323)

(0.039)

(0.046)

MidPerf

0.07291^***

0.0565^***

0.0711^***

(0.000)

(0.000)

(0.000)

HighPerf

0.2553^***

0.2474^***

0.3128^***

(0.000)

(0.000)

(0.000)

Age

−0.0077^***

−0.0073^***

(0.000)

(0.000)

Performance (t−1)

−0.2654.

(0.079)

Performance (t−2)

0.2570^***

(0.000)

Adjusted R²

0.1046

0.1447

0.1585