(1)

(2)

(3)

(4)

mv

mv

mv (KZ index)

mv (WW index)

cons

1.845***

1.692***

1.518***

1.648***

(7.27)

(6.74)

(5.50)

(6.07)

cash

0.895***

−0.086

1.957***

1.250***

(5.34)

(−0.40)

(7.64)

(4.48)

state

−0.218***

−0.301***

−0.041

−0.188***

(−5.50)

(−6.01)

(−0.49)

(−2.79)

agency

4.599***

(7.62)

state*cash

−0.402**

0.877***

−0.889***

−0.234

(−2.04)

(3.05)

(−2.87)

(−0.74)

agency*cash

13.066***

(5.86)

state*agency

0.365

(0.58)

state*agency*cash

−18.138***

(−4.79)

fc

0.474***

0.395***

(5.23)

(5.44)

fc*cash

−1.188*

−0.570*

(−1.76)

(−1.66)

state*fc

−0.277**

−0.008

(−2.52)

(−0.09)

state*fc*cash

1.042

−0.288

(1.26)

(−0.68)

Controlled variables

Yes

Yes

Yes

Yes

N

6515

6512

6515

6515

R2

0.5617

0.5787

0.5479

0.5519

Adj-R2

0.5588

0.5756

0.5446

0.5486

F

192.837

188.90

166.724

169.448