c

γ 1

γ 2

γ 3

γ 4

γ 5

R 2

tau = 0.10

0.001

−0.081

0.232

−3.098

0.572

−2.549

0.235

t-stat.

0.664

−5.868***

6.239***

−6.220***

5.667***

−2.702**

tau = 0.25

0.001

−0.108

0.294

−4.165

0.655

−1.649

0.279

t-stat.

0.374

−8.686***

5.358***

−3.730***

6.503***

−0.519

tau = 0.50

−0.002

−0.117

0.375

−5.121

0.870

−2.070

0.354

t-stat.

−1.506

−9.736***

9.900***

−8.254***

12.438***

−9.535***

tau = 0.75

−0.008

−0.114

0.387

−5.269

1.351

−3.506

0.398

t-stat.

−4.578***

−10.229***

7.857***

−7.964***

11.858***

−9.674***

tau = 0.90

−0.011

−0.091

0.348

−4.516

1.694

−4.772

0.384

t-stat.

−2.024*

−3.353***

3.261**

−3.142**

5.650***

−5.602***