Long

Long

Short

Short

Model 1-7

Model 1-8

Model 2-7

Model 2-8

Dchange

−0.453*

−0.00403

0.0515*

0.0933**

(0.215)

(0.265)

(0.0311)

(0.0382)

Dr

−0.523**

0.124***

(0.239)

(0.0341)

Dchange × Dr

−1.150**

−0.161**

(0.461)

(0.0666)

Age

−0.709

−0.727

−0.342***

−0.339***

(0.946)

(0.945)

(0.0962)

(0.0961)

Size

−0.432*

−0.445*

0.196***

0.199***

(0.230)

(0.230)

(0.0330)

(0.0330)

Slack

−1.293***

−1.320***

0.0864*

0.0873*

(0.324)

(0.324)

(0.0464)

(0.0463)

Diage

0.0917**

0.0889**

−0.0148**

−0.0143**

(0.0416)

(0.0416)

(0.00597)

(0.00597)

Boardscale

−0.00797*

−0.00846*

0.000873

0.000943

(0.00439)

(0.00439)

(0.000633)

(0.000633)

Industry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Constant

6.983**

7.172**

−1.620***

−1.674***

(3.345)

(3.342)

(0.427)

(0.427)

Observations

6157

6157

6157

6157

R-squared

0.015

0.017

0.043

0.046

Number of id

1543

1543

1548

1548