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 |