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| P-Value | ||
| Term | Coeff | SE | t-stat | HAC | Kern-HAC | Newey-West |
| (Intercept) | 2,401,290 | 86,223 | 27.85 | 0.00 | 0.00 | 0.00 |
| DFeb | 50,976 | 52,603 | 0.97 | 0.34 | 0.35 | 0.30 |
| DMar | 186,509 | 69,202 | 2.70 | 0.01 | 0.01 | 0.00 |
| DApr | 193,334 | 101,366 | 1.91 | 0.06 | 0.08 | 0.04 |
| DMay | 156,254 | 99,852 | 1.56 | 0.12 | 0.12 | 0.08 |
| DJun | 139,804 | 109,682 | 1.27 | 0.21 | 0.14 | 0.10 |
| DJul | 270,399 | 107,795 | 2.51 | 0.01 | 0.01 | 0.00 |
| DAug | 170,899 | 120,226 | 1.42 | 0.16 | 0.13 | 0.08 |
| DSep | 91,241 | 130,436 | 0.70 | 0.49 | 0.47 | 0.41 |
| DOct | 116,540 | 113,469 | 1.03 | 0.31 | 0.27 | 0.21 |
| DNov | 162,265 | 98,990 | 1.64 | 0.11 | 0.05 | 0.03 |
| DDec | 174,118 | 50,850 | 3.42 | 0.00 | 0.00 | 0.00 |
| DTax | −872,334 | 134,931 | −6.47 | 0.00 | 0.00 | 0.00 |
| Zt | −79,785 | 157,052 | −0.51 | 0.61 | 0.74 | 0.70 |
| Zt2 | −10,461 | 48,646 | −0.22 | 0.83 | 0.86 | 0.84 |
| Zt3 | 107,666 | 68,712 | 1.57 | 0.12 | 0.32 | 0.25 |
| Zt × DTax | 574,225 | 109,356 | 5.25 | 0.00 | 0.00 | 0.00 |