Variable | (1) | (2) | (3) |
whole | bear | bull | |
| 0.000 | −0.015 | 0.006 |
| (−0.00) | (−0.78) | (0.34) |
| 0.046*** | 0.071*** | −0.020 |
| (2.97) | (4.40) | (−0.83) |
| 0.011 | 0.013 | −0.009 |
| (0.87) | (0.79) | (−0.52) |
| 0.778*** | 0.769*** | 0.389* |
| (4.93) | (5.89) | (1.91) |
| 0.335** | 0.508*** | 0.710*** |
| (2.43) | (3.96) | (3.85) |
| 0.014** | 0.008 | 0.027*** |
| (2.27) | (1.02) | (3.92) |
| −0.169*** | −0.100*** | −0.369*** |
| (−4.51) | (−3.17) | (−4.45) |
| 0.033*** | 0.037*** | 0.029*** |
| (9.43) | (9.53) | (6.74) |
| −0.651 | −4.679*** | −4.549** |
| (−0.35) | (−2.68) | (−2.10) |
| Yes | Yes | Yes |
| 18,000 | 12,000 | 5,876 |
| 0.177 | 0.119 | 0.281 |