| Variables | Low (1) | High (1) | Variables | Low (2) | High (2) |
| L1. rqye | 0. 0126** (2. 48) | 0. 0121 (1. 60) | L1. rqyl | 0. 0131*** (2. 61) | 0. 0072 (0. 95) |
| L2. rqye | 0. 0078* (1. 66) | 0. 0125 (1. 55) | L2. rqyl | 0. 0078 (1. 53) | 0. 0083 (1. 10) |
| L1. rzye | −0. 7823*** (−12. 73) | −2. 0097*** (−17. 33) | L1. rzye | −0. 7817*** (−12. 73) | −2. 0041*** (−17. 29) |
| L2. rzye | −0. 4593*** (−7. 52) | −1. 4237*** (−12. 42) | L2. rzye | −0. 4597*** (−7. 53) | −1. 4207*** (−12. 40) |
| cons | 1. 2414*** (993) | 0. 5989*** (2. 72) | cons | 1. 2408*** (9. 93) | 0. 5986*** (2. 72) |
| Control variables | control | control | Control variables | control | control |
| Company/time fix effect | control | control | Company/time fix effect | control | control |
| R2 | 0. 040 | 0. 031 | R2 | 0. 040 | 0. 031 |
| N | 122, 872 | 122, 775 | N | 122, 872 | 122, 775 |
| id | 120 | 128 | id | 120 | 128 |