Panel A

Panel B

Market estimates

Firm-level estimates

0.727^***

(10.14)

0.0598^***

(5.42)

0.732^***

(51.93)

0.610^***

(77.63)

-

0.160

(1.52)

-

0.136^***

(27.66)

Constant

−0.003

(0.21)

−0.001

(0.02)

0.099^***

(18.63)

0.092^***

(33.35)

R-squared

0.66434

0.68567

0.4003

0.4631