Panel A First Expansion

Sample period

2011.9.4-2012.3.4

2011.5.4-2012.6.4

${\beta }_3$

Std. Error

−0.28**

(0.14)

−0.13*

(0.51)

R²

0.26

0.21

Panel B Second Expansion

Sample period

2012.11.1-2013.4.30

2012.9.4-2013.6.25

${\beta }_3$

Std. Error

−1.15***

(0.27)

−1.53***

(0.26)

R²

0.30

0.32

Panel C Third Expansion

Sample period

2013.6.1-2014.1.31

2013.3.12-2014.3.12

${\beta }_3$

Std. Error

−1.35***

(0.28)

−0.96***

(0.23)

R²

0.35

0.37