Variable

Model 1

Model 2

Model 3

Model 4

release time (x₁)

−2.04

(0.738)

original price (x₂)

1.43***

(0.000)

1.37***

(0.000)

1.35***

(0.000)

1.34***

(0.000)

trading volume (x₃)

−0.01

(0.107)

−0.01

(0.107)

demand (x₄)

9.40***

(0.000)

11.27***

(0.000)

11.32***

(0.000)

constant

−60.66

(0.760)

−35.98

(0.856)

4093.51

(0.741)