1997.07.02-2008.06.30

2008.07.01-2021.06.30

Quintiles

Alpha (%)

Control for

Five Factors

N

R²

Alpha (%)

Control for Five Factors

N

R²

Low

22.89

Yes

2806

50.4%

13.99

Yes

3206

49.4%

(6.64)***

(5.74)***

Q2

15.52

Yes

2806

49.5%

14.08

Yes

3206

54.7%

(3.90)***

(5.17)***

Q3

16.92

Yes

2806

56.7%

13.80

Yes

3206

53.7%

(4.37)***

(4.94)***

Q4

9.90

Yes

2806

55.4%

12.91

Yes

3206

56.5%

(2.53)**

(4.92)***

High

10.02

Yes

2806

58.9%

8.83

Yes

3206

56.2%

(2.43)***

(3.14)***

Low-High

12.86

Yes

2806

14.9%

5.17

Yes

3206

13.1%

(2.90)***

(1.79)*