c

${\gamma }_1$

${\gamma }_2$

${\gamma }_3$

${\gamma }_4$

${\gamma }_5$

$R^2$

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^***