variable	$N C S K E W_{t}$	$N C S K E W_{t}$	$N C S K E W_{t}$	$N C S K E W_{t}$	$N C S K E W_{t}$
variable	(n = 20)	(n = 40)	(n = 60)	(n = 80)	(n = 100)
$L i q_{t}$	−1.5248***	−1.2284***	−0.5743***	−0.3741**	−0.2455
$L i q_{t}$	(−5.7923)	(−5.7771)	(−3.0764)	(−2.2477)	(−1.5772)
$R e t_{t}$	−2.4513*	−1.3332	−0.8555	−0.9539	−1.1875
$R e t_{t}$	(−1.6391)	(−1.1004)	(−0.8033)	(−1.0014)	(−1.3300)
$S i g m a_{t}$	41.0144***	40.2971***	41.0422***	43.1319***	45.2505***
$S i g m a_{t}$	(12.5901)	(14.6555)	(16.3494)	(18.7629)	(20.5685)