Variable

(1)

(2)

(3)

whole

bear

bull

−0.007

−0.005

−0.027

(−0.27)

(−0.25)

(−0.58)

0.069***

0.106***

−0.002

(2.99)

(4.31)

(−0.05)

0.019

0.037**

−0.004

(0.96)

(2.35)

(−0.32)

2.818***

3.045***

1.278***

(7.23)

(8.22)

(2.82)

2.031***

2.445***

2.872***

(6.13)

(10.20)

(5.13)

0.018

0.015

0.056***

(1.40)

(0.99)

(4.88)

−0.535***

−0.360***

−0.867***

(−7.91)

(−8.10)

(−5.11)

0.032***

0.025***

0.027***

(7.02)

(4.48)

(4.29)

−16.733***

−26.611***

−25.726***

(−3.78)

(−7.78)

(−3.72)

Yes

Yes

Yes

22,000

15,000

6,745

0.172

0.128

0.315