Independent variable | A | B | C |
Intercept | 0.0924** | 0.1170*** | 0.0998** |
| (0.005) | (0.000) | (0.008) |
Ln(NAV) | −0.0052** | −0.0046** | −0.0050** |
| (0.002) | (0.004) | (0.002) |
St. dev. | −0.5968*** | −0.6631*** | −0.6020*** |
| (0.000) | (0.00) | (0.000) |
LowPerf | 0.05303 | 0.1092* | 0.1932* |
| (0.323) | (0.039) | (0.046) |
MidPerf | 0.07291*** | 0.0565*** | 0.0711*** |
| (0.000) | (0.000) | (0.000) |
HighPerf | 0.2553*** | 0.2474*** | 0.3128*** |
| (0.000) | (0.000) | (0.000) |
Age |
| −0.0077*** | −0.0073*** |
|
| (0.000) | (0.000) |
Performance (t−1) |
|
| −0.2654. |
|
|
| (0.079) |
Performance (t−2) |
|
| 0.2570*** |
|
|
| (0.000) |
Adjusted R2 | 0.1046 | 0.1447 | 0.1585 |