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