Variables

(1)

(2)

(3)

(4)

(5)

Constant term

−0.0975^***

(−2.982)

−0.0988^***

(−3.0124)

−0.1042^***

(−3.186)

−0.1438^***

(−3.565)

−0.1644^***

(−3.747)

0.4124^***

(−9.9366)

0.4751^***

(20.3240)

0.5084^***

(17.7450)

0.4965^***

(16.6263)

0.6015^***

(13.9137)

0.8318^***

(11.9397)

0.8420^***

(12.2587)

0.8385^***

(12.2767)

0.8698^***

(14.1307)

0.0047^*

(−1.9303)

0.0053^**

(−2.1490)

0.0069^**

(−2.3953)

0.0058^*

(0.0623)

−0.0098^***

(2.3216)

−0.0021^***

(2.8074)

R²

0.3584

0.7099

0.7613

0.8265

0.8666

DW

2.0573

2.0141

2.0605

2.0511

2.0304