Total

Positive

Negative

Positive

Negative

VARIABLES

CARs10_10

CARs10_10

CARs10_10

CARs10_10

CARs10_10

recession

0.0131

0.000621

−0.0170

−0.00586

−0.385***

(0.0169)

(0.0142)

(0.0573)

(0.0156)

(0.0903)

producing

−0.0283*

−0.00193

−0.0330

0.0372

−0.520***

(0.0159)

(0.0169)

(0.0250)

(0.0390)

(0.180)

consuming

−0.00759

−0.0261

0.0247

−0.0121

0.238**

(0.0164)

(0.0191)

(0.0209)

(0.0549)

(0.115)

banking

0.00911

−0.0231

0.0603

−0.0218

1.025***

(0.0174)

(0.0185)

(0.0410)

(0.0400)

(0.355)

Percent change

−0.0424

−0.163

0.0786

0.0814

−0.640***

(0.143)

(0.104)

(0.197)

(0.109)

(0.126)

prod*percent change

0.369*

0.632***

0.0251

(0.195)

(0.169)

(0.299)

consume*percent

0.0194

0.145

−0.0956

change

(0.196)

(0.302)

(0.167)

Bank*percent change

−0.438**

0.286

−1.215***

(0.207)

(0.193)

(0.425)

prod*velocity

0.0103

−0.187***

(logged)

(0.00882)

(0.0648)

Consume*velocity

0.00464

0.0810*

(logged)

(0.0135)

(0.0417)

Bank*velocity

0.00123

0.370***

(0.00958)

(0.124)

Variation (logged)

−0.0164

−0.0314

0.0484

−0.0311

0.413***

(0.0231)

(0.0196)

(0.0651)

(0.0204)

(0.0928)

Velocity (logged)

0.00320

−0.000185

−0.0445

−0.00322

0.0381

(0.00520)

(0.00390)

(0.0295)

(0.00743)

(0.0436)

Assets (logged)

0.00366

0.00220

0.0110

0.00232

0.0116

(0.00444)

(0.00531)

(0.00971)

(0.00535)

(0.00817)

Debt/Equity

0.000227

0.000547

−0.00320

0.00361

−0.00125

(logged)

(0.00602)

(0.00524)

(0.00875)

(0.00528)

(0.00727)

RUNWAY

0.0714*

−0.0383

0.0991

−0.0640

0.113

(0.0415)

(0.0588)

(0.0934)

(0.0635)

(0.0693)

Constant

−0.00651

0.0397

−0.362

0.0314

−0.828***

(0.0786)

(0.0857)

(0.244)

(0.0900)

(0.224)

Observations

170

96

74

96

74

R-squared

0.158

0.244

0.502

0.164

0.620