(1)

(2)

Risk1

Risk1

Strategy

0.00025***

0.00043***

(3.25)

(5.68)

Size

−0.00198***

(−6.32)

Lev

−0.00788***

(−4.14)

Roa

−0.06201***

(-10.51)

Bm

−0.00252***

(−8.77)

Soe

−0.00545***

(−9.27)

ListAge

0.00946***

(7.63)

Inst

−0.00420***

(−2.78)

Time control

YES

YES

Industry Control

YES

YES

_cons

0.03728***

0.06796***

(10.55)

(9.11)

N

8420

8420

r2

0.10320

0.17221

F

11.99521

19.92310