Log (TR)

(1)

(2)

(3)

(4)

(5)

(6)

Drop (−1)

−0.243***

−0.223***

−0.227***

−0.171**

−0.158***

−0.160***

(0.025)

(0.033)

(0.033)

(0.048)

(0.020)

(0.020)

Drop (−1)・CP (−1)

−0.005*

−0.005***

−0.005***

(0.002)

(0.001)

(0.001)

SP500

Control

Control

TGT

Control

Control

OGT

Control

Control

Annual fixed effect

Control

Control

Control

Control

Control

Control

Quarterly fixed effect

Control

Control

Control

Control

Control

Control

Individual fixed effect

Control

Control

Control

Control

Control

Control

Constant term

6.469***

6.745***

6.782***

6.529***

6.682***

6.741***

(0.244)

(0.158)

(0.173)

(0.272)

(0.170)

(0.180)

Observations

180

180

180

180

180

180

R2

0.522

0.522

0.523

0.525

0.525

0.526