(1)

(2)

(3)

(4)

A. Two leads and lags

${\pi }_1$

−0.112 (0.113)

0.084 (0.086)

${\pi }_1{D}_{ZIR}$

−0.979*** (0.207)

${\pi }_1{D}_{QE}$

0.183 (0.165)

${\pi }_1{D}_{CE}$

0.627** (0.288)

${\pi }_1{D}_{QQE}$

−1.295*** (0.176)

${\pi }_2$

−0.111 (0.138)

0.127 (0.107)

${\pi }_2{D}_{ZIR}$

−1.972*** (0.521)

${\pi }_2{D}_{QE}$

0.009 (0.143)

${\pi }_2{D}_{CE}$

0.419* (0.229)

${\pi }_2{D}_{QQE}$

−1.660*** (0.294)

B. Three leads and lags

${\pi }_1$

−0.114 (0.118)

0.063 (0.100)

${\pi }_1{D}_{ZIR}$

−1.113*** (0.255)

${\pi }_1{D}_{QE}$

0.235 (0.171)

${\pi }_1{D}_{CE}$

0.752** (0.290)

${\pi }_1{D}_{QQE}$

−1.360*** (0.160)

${\pi }_2$

−0.114 (0.141)

0.140 (0.105)

${\pi }_2{D}_{ZIR}$

−1.907*** (0.537)

${\pi }_2{D}_{QE}$

0.034 (0.143)

${\pi }_2{D}_{CE}$

0.485** (0.233)

${\pi }_2{D}_{QQE}$

−1.822*** (0.270)