|
| (1) | (2) | (3) |
| Big10 | Non-Big10 | Full sample | |
| Risk1 | Risk1 | Risk1 | |
| Strategy | 0.00011 | 0.00074*** | 0.00059*** |
| (1.00) | (6.71) | (5.82) | |
| Big10 |
|
| 0.00438*** |
|
|
| (2.85) | |
| StrategyBig10 |
|
| −0.00031** |
|
|
| (−2.44) | |
| Size | −0.00179*** | −0.00243*** | −0.00200*** |
| (−4.42) | (−4.78) | (−6.36) | |
| Lev | −0.00806*** | −0.00879*** | −0.00782*** |
| (−3.04) | (−3.20) | (−4.11) | |
| Roa | −0.02799*** | −0.09649*** | −0.06235*** |
| (−3.44) | (-11.25) | (-10.57) | |
| Bm | −0.00208*** | −0.00285*** | −0.00253*** |
| (−5.67) | (−6.21) | (−8.80) | |
| Soe | −0.00693*** | −0.00415*** | −0.00553*** |
| (−8.32) | (−4.90) | (−9.39) | |
| ListAge | 0.00536*** | 0.01363*** | 0.00936*** |
| (3.19) | (7.26) | (7.55) | |
| Inst | −0.00498** | −0.00213 | −0.00428*** |
| (−2.43) | (−0.94) | (−2.83) | |
| Time control | YES | YES | YES |
| Industry Control | YES | YES | YES |
| _cons | 0.07640*** | 0.06757*** | 0.06668*** |
|
| (7.56) | (5.92) | (8.88) |
| N | 4508 | 3912 | 8420 |
| r2 | 0.18933 | 0.20943 | 0.17306 |
| F | 12.92369 | 12.06910 | 19.58720 |