(1)

(2)

(3)

(4)

mv

mv

mv

(KZ index)

mv

(WW index)

cons

3.084***

3.143***

2.851***

2.666***

(22.56)

(26.32)

(18.64)

(17.48)

cash

0.208

0.149

0.859***

1.076***

(1.34)

(1.05)

(4.22)

(4.93)

central

0.033

0.108***

0.127***

0.101

(0.75)

(4.44)

(2.90)

(1.52)

agency

3.791***

(9.05)

central*cash

0.502**

0.541***

−0.171

−0.167

(2.30)

(2.72)

(−0.56)

(−0.50)

agency*cash

−12.768***

(−3.35)

central*agency

1.343*

(1.86)

cental*agency*cash

11.106*

(1.79)

fc

0.334***

0.536***

(5.35)

(9.53)

fc*cash

−1.259***

−1.570***

(−3.24)

(−5.22)

central*fc

−0.292***

−0.077

(−2.74)

(−0.82)

central*fc*cash

2.305***

1.050**

(3.42)

(2.24)

Controlled variables

Yes

Yes

Yes

Yes

N

5044

5044

5044

5044

R2

0.5885

0.6189

0.5670

0.5768

Adj-R2

0.5846

0.6150

0.5625

0.5725

F

151.448

156.899

126.484

131.690