| Log (TR) | |||||
(1) | (2) | (3) | (4) | (5) | (6) | |
Drop (−1) | −0.265*** | −0.248*** | −0.250*** | −0.183** | −0.173*** | −0.170*** |
| (0.035) | (0.039) | (0.039) | (0.053) | (0.034) | (0.033) |
Drop (−1)・CP (−1) |
|
|
| −0.004* | −0.004** | −0.004** |
|
|
|
| (0.002) | (0.001) | (0.001) |
SP500 | Control |
|
| Control |
|
|
TGT |
| Control |
|
| Control |
|
OGT |
|
| Control |
|
| Control |
JC | Control | Control | Control | Control | 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 | 6.503*** | 6.712*** | 6.751*** | 6.541*** | 6.670*** | 6.733*** |
| (0.258) | (0.144) | (0.161) | (0.277) | (0.156) | (0.166) |
Observations | 180 | 180 | 180 | 180 | 180 | 180 |
R2 | 0.523 | 0.523 | 0.523 | 0.525 | 0.525 | 0.526 |