(1) Short-term (1year)

(2) Mid-term (8 year)

(3) Long-term (24 year)

Intercept

−0.0003 (0.48)

0.003 (0.70)

0.007 (0.78)

β₁

0.976^*** (1346.86)

0.887^*** (199.34)

0.742^*** (67.29)

β₂

−0.012^*** (4.55)

−0.166^*** (10.43)

−0.533^*** (14.11)

R²

0.956

0.795

0.584

N

95,441

11,885

3936