|
| Log(TR) | |||
| (1) | (2) | (3) | (4) | |
| Drop | 0.015 |
|
|
|
|
| (0.037) |
|
|
|
| Drop (−1) |
| −0.224*** | −0.205*** | −0.154*** |
|
|
| (0.033) | (0.033) | (0.020) |
| Drop (−1)・CP |
|
| −0.002* |
|
|
|
|
| (0.001) |
|
| Drop (−1)・CP (−1) |
|
|
| −0.005*** |
|
|
|
|
| (0.001) |
| Annual fixed effect | Control | Control | Control | Control |
| Quarterly fixed effect | Control | Control | Control | Control |
| Individual fixed effect | Control | Control | Control | Control |
| Constant term | 6.627*** | 6.662*** | 6.665*** | 6.642*** |
|
| (0.141) | (0.154) | (0.155) | (0.157) |
| Observations | 186 | 180 | 180 | 180 |
| R2 | 0.543 | 0.521 | 0.522 | 0.525 |