| Quintiles | Alpha (%) | Control for Five Factors | N | R2 |
| Low | 20.97 | Yes | 6012 | 57.0% |
| (11.48)*** |
|
|
| |
| Q2 | 19.90 | Yes | 6012 | 58.5% |
| (9.78)*** |
|
|
| |
| Q3 | 20.36 | Yes | 6012 | 59.8% |
| (9.33)*** |
|
|
| |
| Q4 | 18.61 | Yes | 6012 | 60.3% |
| (8.37)*** |
|
|
| |
| High | 15.76 | Yes | 6012 | 60.3% |
| (7.65)*** |
|
|
| |
| Low-High | 5.21 | Yes | 6012 | 16.5% |
| (1.99)** |
|
|
|