[−10, −1]

[−5, −1]

[−3, −1]

[+1, +3]

[+1, +5]

[+1, +10]

AVESS

[−90, −11]

26.93***

28.77***

29.86***

29.78***

29.29***

28.35***

t−Statistic

−2.43

−2.93

−3.11

−3.17

−3.11

−2.97