All Resfee

All Resfee

All Resfee

Resfee > 0

Resfee < 0

(1)

(2)

(3)

(4)

(5)

Resfee

0.0719***

(13.41)

0.0719***

(13.24)

0.0719***

(13.42)

0.0736***

(6.49)

0.0384***

(2.83)

Lev

0.3053***

(16.41)

0.3096***

(16.13)

0.4061***

(11.72)

0.2104***

(9.40)

Roa

0.1417***

(4.55)

0.1470***

(4.69)

0.2164***

(4.01)

0.1007***

(2.76)

Cashf

0.0333

(0.67)

0.0105

(0.21)

0.0708

(0.76)

−0.0648

(−1.17)

Big10

0.0211***

(2.83)

0.173**

(2.35)

0.0185

(1.37)

0.0157*

(1.80)

Inv

0.0479*

(1.66)

−0.0657**

(−2.19)

−0.0645

(−1.20)

−0.0742**

(−2.21)

Sqsub

0.0213***

(3.62)

0.125***

(2.14)

0.0185

(1.37)

0.0062

(0.94)

con

−0.0676***

(−3.11)

0.0578**

(2.54)

−0.0929***

(−3.77)

−0.1779***

(−4.15)

−0.0191

(−0.67)

Ind

control

control

control

control

control

Year

control

control

control

control

control

f

54.15***

44.54***

49.73***

28.33***

19.26***

adj

0.1425

0.1198

0.1435

0.1759

0.1009

n

9599

9599

9599

4228

5371