VARIABLES

NCSKEW

DUVOL

igroup

−0.0524***

−0.0323***

[−4.46]

[−3.90]

Dturn

−0.0363**

−0.0237**

[−2.34]

[−2.19]

em

−0.0331

−0.0008

[−0.54]

[−0.02]

size

−0.0353***

−0.0317***

[−6.48]

[−8.37]

lev

−0.0654**

−0.0574**

[−2.06]

[−2.55]

roa

0.5400***

0.2959***

[5.12]

[3.88]

sd

0.6503**

0.3227**

[2.38]

[2.05]

Constant

0.5559***

0.5327***

[4.67]

[6.46]

Observations

15006

15006

Adjusted R-squared

0.07

0.10

F

36.89

52.97