|
| 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 |