All Resfee

All Resfee

All Resfee

Resfee > 0

Resfee < 0

(1)

(2)

(3)

(4)

(5)

Resfee

−0.0601***

(−52.41)

−0.0599***

(−48.76)

−0.0588***

(−52.42)

−0.0583***

(−27.40)

−0.0437***

(−13.74)

Lev

0.0587***

(12.60)

0.0641***

(13.74)

0.0619***

(8.65)

0.0682***

(10.99)

Roa

−0.1689***

(−25.04)

−0.1658***

(−25.03)

−0.1695***

(−16.24)

−0.1589***

(−19.08)

Cashf

−0.0329***

(−3.06)

−0.0254**

(−2.36)

−0.0517***

(−2.90)

−0.0023

(−0.18)

Big10

−0.0215***

(−12.03)

−0.0203***

(−12.47)

−0.0232***

(−8.35)

−0.0166***

(−7.97)

Inv

0.0467***

(7.19)

0.0340***

(5.41)

0.0375***

(3.63)

0.0275***

(3.59)

Sqsub

−0.0144***

(−10.53)

−0.0162***

(−12.92)

−0.0182***

(−8.86)

−0.0141***

(−9.15)

con

0.0982***

(20.56)

0.0785***

(15.96)

0.0763***

(9.69)

0.0809***

(13.08)

Ind

control

control

control

control

control

Year

control

control

control

control

control

f

255.09***

205.49***

257.68***

120.97***

104.00***

adj

0.5833

0.5298

0.6102

0.6205

0.5176

n

5083

5083

5083

2202

2881