VARIABLES

NCSKEW

DUVOL

Soe = 1

Soe = 0

Soe = 1

Soe = 0

igroup

−0.0241

−0.0617***

−0.0117

−0.0356**

[−1.60]

[−2.86]

[−1.11]

[−2.32]

Dturn

0.0144

−0.0478**

−0.0046

−0.0243*

[0.53]

[−2.48]

[−0.25]

[−1.80]

em

−0.0725

0.0166

0.0011

−0.0041

[−0.85]

[0.19]

[0.02]

[−0.07]

size

−0.0408***

−0.0131

−0.0335***

−0.0194***

[−5.79]

[−1.44]

[−6.90]

[−2.97]

lev

0.0341

−0.1061**

0.0180

−0.0908***

[0.74]

[−2.29]

[0.56]

[−2.76]

roa

0.6149***

0.3954***

0.3303***

0.2284**

[4.01]

[2.67]

[3.01]

[2.12]

sd

0.4831

0.6362*

0.1028

0.3818*

[1.51]

[1.82]

[0.52]

[1.82]

Constant

0.6176***

0.1098

0.5082***

0.3209**

[3.99]

[0.57]

[4.75]

[2.31]

Observations

7680

7290

7680

7290

Adjusted R-squared

0.08

0.05

0.10

0.08

F

22.73

14.38

30.24

21.90