c

${\gamma }_1$

${\gamma }_2$

${\gamma }_3$

${\gamma }_4$

${\gamma }_5$

$R^2$

tau = 0.10

0.001

−0.068

0.314

−3.766

0.560

−2.305

0.225

t-stat.

0.683

−3.413^***

7.923^***

−5.882^***

7.553^***

−3.585^***

tau = 0.25

−0.001

−0.097

0.333

−3.778

0.818

−4.002

0.266

t-stat.

−0.617

−4.352^***

7.380^***

−6.036^***

6.275^***

−1.329

tau = 0.50

−0.003

−0.110

0.393

−4.544

1.111

−4.852

0.302

t-stat.

−2.066^*

−9.341^***

10.175^***

−8.683^***

9.223^***

−8.514^***

tau = 0.75

−0.006

−0.101

0.391

−4.376

1.661

−7.857

0.305

t-stat.

−2.380^*

−3.924^***

4.656^***

−2.348^*

7.249^***

−4.478^***

tau = 0.90

−0.011

−0.118

0.307

−3.233

2.383

−10.392

0.313

t-stat.

−3.098^***

−6.322^***

2.385^*

−1.960^*

7.847^***

−5.476^***