(1)

(2)

(3)

(4)

NCSKEW

DUNVOL

NCSKEW

DUNVOL

ieffi

0.777*

0.841*

(0.455)

(0.466)

Incentive

−0.480**

−0.493**

−0.468**

−0.479**

(0.226)

(0.213)

(0.225)

(0.212)

N

2501

2501

2501

2501

R2

0.0930

0.126

0.0940

0.128

Adj.R-Sq

0.0930

0.126

0.0940

0.128