Long

Long

Short

Short

Model 1-5

Model 1-6

Model 2-5

Model 2-6

Dchange

−0.256*

−0.022

−0.014

0.0128

(0.135)

(0.159)

(0.0195)

(0.0229)

Dr

−0.421*

0.153***

(0.253)

(0.0361)

Dchange × Dr

−0.699**

−0.105**

(0.318)

(0.0447)

Age

−0.729

−0.739

−0.347***

−0.343***

(0.945)

(0.944)

(0.0963)

(0.0961)

Size

−0.485**

−0.490**

0.180***

0.185***

(0.228)

(0.228)

(0.0329)

(0.0328)

Slack

−1.294***

−1.309***

0.0789*

0.0838*

(0.322)

(0.322)

(0.0461)

(0.0460)

Diage

0.0954**

0.0924**

−0.0154***

−0.0148**

(0.0413)

(0.0413)

(0.00595)

(0.00594)

Boardscale

−0.00805*

−0.00834*

0.000816

0.000894

(0.00439)

(0.00438)

(0.000634)

(0.000633)

Industry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Constant

7.531**

7.619***

−1.459***

−2.635***

(2.950)

(2.950)

(0.426)

(0.483)

Observations

6184

6184

6184

6184

R-squared

0.015

0.017

0.041

0.045

Number of id

1549

1549

1554

1554