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