VAR

(1)

IIR

(2)

IIR

(3)

IIR

S

−0.634

−0.441

−7.278***

(−0.719)

(−0.493)

(−3.385)

ID

−0.005**

−0.006*

(−2.017)

(−1.795)

ID*S

7.313***

(2.743)

CF

0.021

0.013

0.021

(1.158)

(0.724)

(1.003)

q

0.007***

0.007***

0.006**

(4.523)

(4.577)

(2.569)

TIR

0.005**

0.005**

0.002

(2.043)

(2.162)

(1.522)

SALE

0.000

0.001

−0.000

(0.462)

(0.882)

(−0.003)

GRO

0.016***

0.015***

0.011***

(5.038)

(5.157)

(3.197)

MB

0.000

0.000

−0.000

(0.514)

(0.287)

(−0.454)

LEV

−0.013***

−0.012***

−0.013***

(−3.279)

(−3.261)

(−2.974)

EFD

−0.000

−0.000

−0.000***

(−0.792)

(−0.940)

(−2.845)

Obs

2330

2330

1520

R-squared

0.200

0.207

0.154