CSC

0.1089**

(2.55)

NCSKEW_t

−0.2155***

(−18.38)

−0.2161***

(−18.42)

SIZE_t

0.1065***

(3.20)

0.1054***

(3.20)

LEV_t

−0.27644**

(−2.44)

−0.2824**

(−2.50)

ROE_t

−0.0763

(−0.44)

−0.0852

(−0.49)

DTURN_t

−0.0028

(−0.19)

−0.0024

(−0.16)

RET_t

8.7000***

(6.00)

8.6186***

(5.94)

MB_t

0.0372***

(4.93)

0.0380***

(5.04)

SIGMA_t

0.2696

(0.36)

0.2554

(0.34)

INSTI_t

0.0030***

(3.58)

0.0030***

(3.61)

FIR_t

−0.0020

(−1.01)

−0.0020

(−1.02)

OPAQUE_t

0.0422

(0.65)

0.0405

(0.94)

Constant

−3.0551***

(−4.21)

−3.0612***

(−4.26)

YEAR

Control

Control

IND

Control

Control

Adjusted R²

0.1412

0.1423

F

1458.13

1471.20

N

9381

9381