|
| 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 |