JR = 2

JR = 1

Year ≥ 2015

Year < 2015

Year ≥ 2015

Year ≤ 2015

Short

0.1413***

0.0344

0.0180

0.1893***

(4.7168)

(1.1214)

(0.2777)

(2.9234)

CROA

1.7173***

1.8404***

1.8827***

2.3084***

(7.2197)

(20.0492)

(4.5546)

(7.8923)

Short × CROA

0.5914*

0.9418***

1.1099

−0.3650

(1.7009)

(3.3629)

(1.5608)

(−0.5812)

N

2516

7543

775

1662

Adj_R^2

0.2733

0.3410

0.3124

0.3805