Sup = 0

Sup = 1

Year ≥ 2015

Year < 2015

Year ≥ 2015

Year < 2015

Short

0.0777**

0.0925**

0.1544***

0.0640*

(2.0550)

(2.0491)

(4.0279)

(1.7731)

CROA

1.5722***

1.4298***

1.8103***

2.0238***

(5.9201)

(13.2604)

(5.6948)

(13.7661)

Short × CROA

0.9733**

0.8740**

0.3644

0.3745

(2.2928)

(1.9855)

(0.8121)

(1.1760)

N

1605

4176

1686

5029

Adj_R^2

0.2686

0.3448

0.2869

0.3150