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)
$L i q_{t}$	−2.5214**	−0.8843	2.3083**	2.7971**	4.9708***
$L i q_{t}$	(−2.4256)	(−0.7419)	(1.9982)	(2.2860)	(4.3827)
$R e t_{t}$	−3.2611**	−1.3332	−2.4742*	−2.9277**	−2.8958**
$R e t_{t}$	(−2.2208)	(−1.1004)	(−1.6954)	(−2.0386)	(−2.2207)
$S i g m a_{t}$	17.8500***	40.2971***	11.8729***	8.1849*	4.2617
$S i g m a_{t}$	(4.8491)	(14.6555)	(2.8457)	(1.8086)	(0.9097)