L. Strategy

0.00026***

0.00067***

(3.39)

(3.54)

Size

−0.00501***

−0.00184***

−0.00465***

(−6.53)

(−5.75)

(−5.92)

Lev

−0.01942***

−0.00913***

−0.02264***

(−4.16)

(−4.67)

(−4.73)

Roa

−0.15281***

−0.07310***

−0.18052***

(-10.57)

(-12.26)

(-12.36)

Bm

−0.00599***

−0.00247***

−0.00588***

(−8.51)

(−8.66)

(−8.43)

Soe

−0.01329***

−0.00576***

−0.01395***

(−9.21)

(−9.58)

(−9.46)

ListAge

0.02396***

0.00959***

0.02442***

(7.88)

(7.25)

(7.53)

Inst

−0.01103***

−0.00225

−0.00645*

(−2.98)

(−1.42)

(−1.66)

Time control

YES

YES

YES

YES

Industry Control

YES

YES

YES

YES

_cons

0.09135***

0.16840***

0.06778***

0.16709***

(10.54)

(9.21)

(8.78)

(8.83)

N

8420

8420

7578

7578

r2

0.10491

0.17439

0.18134

0.18331

F

12.21663

20.22886

19.29443

19.55091