c

${\gamma }_1$

${\gamma }_2$

${\gamma }_3$

${\gamma }_4$

${\gamma }_5$

$R^2$

tau = 0.10

0.005

−0.078

0.121

−0.983

0.365

−3.591

0.153

t-stat.

9.800^***

−14.115^***

8.962^***

−4.978^***

13.180^***

−4.744^***

tau = 0.25

0.004

−0.088

0.131

−0.958

0.465

−3.390

0.199

t-stat.

7.593^***

−16.760^***

9.900^***

−4.674^***

14.225^***

−3.324^***

tau = 0.50

0.005

−0.094

0.167

−1.408

0.548

−2.648

0.233

t-stat.

8.030^***

−19.689^***

10.712^***

−6.876^***

17.714^***

−6.567^***

tau = 0.75

0.006

−0.089

0.259

−2.462

0.593

−1.884

0.200

t-stat.

4.312^***

−9.830^***

9.214^***

−6.168^***

8.743^***

−10.725^***

tau = 0.90

0.012

−0.096

0.248

−2.210

0.546

−1.768

0.148

t-stat.

3.448^***

−8.872^***

3.854^***

−2.145^*

3.278^***

−3.223^**