Variable | (1) | (2) | (3) |
whole | bear | bull | |
| 0.031*** | 0.044*** | −0.021 |
| (2.73) | (3.11) | (−1.00) |
| −0.018 | −0.024** | 0.013 |
| (−1.15) | (−2.04) | (0.76) |
| −0.001 | −0.007 | −0.009 |
| (−0.05) | (−0.22) | (−0.20) |
| 0.886*** | 0.860*** | 0.303* |
| (6.37) | (4.14) | (1.71) |
| 0.657*** | 0.709*** | 1.178*** |
| (7.31) | (9.22) | (4.92) |
| 0.017** | 0.019** | 0.022** |
| (2.26) | (2.03) | (2.24) |
| −0.165*** | −0.103** | −0.500*** |
| (−3.49) | (−2.46) | (−6.24) |
| 0.016*** | 0.017*** | 0.018*** |
| (5.63) | (6.68) | (4.34) |
| −4.402*** | 0.000 | −9.502*** |
| (−3.45) | . | (−3.07) |
| Yes | Yes | Yes |
| 17,000 | 12,000 | 4,478 |
| 0.137 | 0.101 | 0.221 |