MTB * ∆NI_t−1 * D∆NI_t−1

0.0862***

0.1011

0.1505**

(4.25)

(1.55)

(2.61)

Constant

−0.0194

−0.2669***

−0.2463*

−0.2037

(−1.22)

(−7.07)

(−2.15)

(−1.45)

Year

YES

YES

YES

YES

Industry

YES

YES

YES

YES

Observations

14638

14638

1998

2939

F

13.1885

18.7819

5.2635

9.5487

R-squared

0.0723

0.1165

0.1971

0.2419

Adjust_R²

0.0639

0.110

0.1597

0.2166