Quintiles

Alpha (%)

ΔMilliq

Control for Five Factors

N

R²

Low

18.04

−3.50

Yes

6012

49.8%

(8.72)***

(−0.90)

Q2

14.40

−5.74

Yes

6012

50.7%

(6.07)***

(−1.29)

Q3

15.17

−2.36

Yes

6012

55.3%

(6.48)***

(−0.54)

Q4

11.29

−1.75

Yes

6012

55.9%

(4.91)***

(−0.40)

High

9.24

−3.29

Yes

6012

57.7%

(3.79)***

(−0.72)

Low-High

8.80

−0.21

Yes

6012

13.9%

(3.41)***

(−0.04)