| Variables |
Ri - Rf |
||
| (1) G = 1 |
(2) G = 2 |
(3) G = 3 |
|
| L_IV |
−0.197** |
−0.123 |
0.325*** |
| (−2.53) |
(−1.26) |
(4.21) |
|
| MKT |
0.319 |
0.377 |
0.296* |
| (1.85) |
(2.00) |
(1.80) |
|
| HML |
0.00926 |
0.0113 |
0.0199 |
| (0.26) |
(0.32) |
(0.57) |
|
| SMB |
−0.0233 |
−0.0154 |
−0.0280 |
| (−0.66) |
(−0.42) |
(−0.81) |
|
| _CONS |
0.0908 |
−0.0520 |
−0.324*** |
| (1.43) |
(−0.82) |
(−4.49) |
|
| N |
5332 |
5321 |
5326 |
| Adj-R2 |
0.051 |
0.068 |
0.047 |