Variables

R_i - R_f

(1) OLS

(2) RE

(3) FE

(4) fama-macbeth

Real_PIN

0.143^***

0.148^***

0.170^***

0.182^***

(27.00)

(27.67)

(28.64)

(8.58)

MKT

0.859^***

0.855^***

0.837^***

0.314^**

(74.67)

(72.86)

(74.02)

(2.02)

HML

0.239^***

0.242^***

0.232^***

0.0808

(5.53)

(5.50)

(6.07)

(1.21)

SMB

−0.183^***

−0.191^***

−0.221^***

−0.0368

(−4.75)

(−4.69)

(−5.36)

(−1.11)

_CONS

0.0199^***

0.0192^***

0.0238^***

0.314

(5.65)

(5.23)

(5.93)

(0.53)

N

18,004

18,004

18,004

18,004

Adj-R²

0.640

0.089

Adj-rsq: within

0.657

0.658

Adj-rsq: overall

0.640

0.639

Adj-rsq: between

0.279

0.274