BTD

BTD

DDBTD

DDBTD

Low

High

Low

High

IP

−0.002***

−0.001

−0.003*

−0.001

(−3.05)

(−1.52)

(−1.95)

(−0.65)

SIZE

−0.004***

−0.003***

0.001

0.004***

(−10.16)

(−7.96)

(1.20)

(4.78)

MTB

−0.002***

−0.002***

−0.001***

−0.001***

(−12.64)

(−11.29)

(−2.72)

(−2.67)

LEV

0.027***

0.025***

0.008*

0.003

(12.83)

(10.25)

(1.71)

(0.67)

ROA

0.577***

0.577***

0.081***

0.089***

(57.01)

(46.73)

(5.18)

(5.01)

PPE

0.005***

0.016***

0.134***

0.122***

(2.79)

(7.44)

(32.20)

(26.24)

INTANG

−0.002

−0.001

0.086***

0.094***

(−0.42)

(−0.25)

(9.36)

(8.27)

LOSS

0.005***

0.001

0.009***

0.004

(4.33)

(0.81)

(3.22)

(1.33)

Constant

0.072***

0.051***

−0.032*

−0.095***

(8.55)

(5.96)

(−1.82)

(−5.29)

Industry

Control

Control

Control

Control

Year

Control

Control

Control

Control

Obs

13197

9830

13197

9830

Adj.R²

0.571

0.546

0.168

0.162