c

${\gamma }_1$

${\gamma }_2$

${\gamma }_3$

${\gamma }_4$

${\gamma }_5$

$R^2$

tau = 0.10

0.004

−0.060

0.236

−2.001

0.408

−2.611

0.141

t-stat.

4.942^***

−8.051^***

9.744^***

−4.644^***

6.789^***

−2.009^*

tau = 0.25

0.003

−0.070

0.199

−1.412

0.595

−2.979

0.185

t-stat.

5.386^***

−11.827^***

11.263^***

−5.374^***

13.717^***

−4.913^***

tau = 0.50

0.004

−0.079

0.230

−1.619

0.728

−2.684

0.215

t-stat.

4.786^***

−9.529^***

9.826^***

−5.310^***

13.635^***

−5.010^***

tau = 0.75

0.006

−0.093

0.287

−2.000

0.837

−2.973

0.175

t-stat.

4.082^***

−7.208^***

6.825^***

−3.399^***

9.741^***

−3.778^***

tau = 0.90

0.014

−0.080

0.242

−0.801

0.734

−2.189

0.141

t-stat.

2.867^**

−3.176^*

2.004^*

−0.334

2.513^*

−2.531^*