Markets

C

−0.043***

(62.07)

0.103***

(54.67)

0.399***

(103.98)

0.207***

(46.39)

0.167***

(106.73)

0.230***

(91.99)

0.255***

(116.48)

−0.283***

(117.60)

Log(PEH,t/PEL,t)

−0.051***

(29.89)

−0.0440***

(13.37)

−0.174***

(26.47)

−0.145***

(14.77)

−0.060***

(15.31)

−0.061***

(18.18)

−0.078***

(23.55)

−0.073***

(22.74)

0.17

0.04

0.13

0.29

0.05

0.07

0.11

0.10