β1

VOLPOST

?0.0264

?2.45

**

?0.0275

?2.43

**

?0.0294

?2.54

**

β2

HIGHSPREAD

0.0638

1.96

*

0.0827

2.42

**

0.0842

2.41

**

β3

VOLPOST *HIGHSPREAD

?0.0949

?2.56

**

?0.1145

?2.94

***

?0.1191

?2.98

***

β4

BETA

?0.0151

?1.15

?0.0199

?1.44

?0.0201

?1.43

β5

SIZE

?0.0125

?2.84

***

?0.0112

?2.43

**

?0.0123

?2.61

**

β6

MTB

?0.0093

?2.34

**

?0.0104

?2.50

**

?0.0126

?2.95

***

β7

RDEBT

0.2242

5.83

***

0.2171

5.38

***

0.2316

5.60

***

β8

ROA

0.0265

0.24

0.0081

0.07

0.0857

0.71

β9

PLIST

?0.0084

?1.26

?0.0108

?1.54

?0.0102

?1.42

β10

DIND

Included

Included

Included

F

11.16

***

10.83

***

11.23

***

Adj. R2

52%

51%

52%

N

152

152

152