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