Variable name

WD₁

Coef.

t-Stat

Short

−0.089***

−2.74

Roa

−10.533***

−14.45

Growth

0.011

1.33

IndΔRoa

4.114**

2.4

IndGrowth

−0.028

−0.3

Mshare

0.106***

2.89

Lev

0.102

0.68

Size

−0.163***

−3.92

KS

0.706***

9.96

PH

0.396***

11.6

BG

0.162***

7.74

NK

0.177***

3.4

WL

−0.200***

−5.88

PG

−0.014

−0.75

Log (MV)

0.190***

7.32

Turnover

2.480***

3.05

Volatility

−4.447**

−2.07

Age

−0.041

−0.85

Cons

0.755

0.87

Annual fixed effect

Yes

Company fixed effect

Yes

R²

0.24

Sample size

17,122