Total

Positive

Negative

Positive

Negative

VARIABLES

CARs10_10

CARs10_10

CARs10_10

CARs10_10

CARs10_10

producing

−0.0324**

−0.0227

−0.0131

0.0371

−0.528***

(0.0137)

(0.0195)

(0.0137)

(0.0454)

(0.137)

consuming

−0.0234*

−0.0332

−0.00403

−0.0112

0.116

(0.0139)

(0.0202)

(0.0127)

(0.0588)

(0.133)

banking

−0.0151

−0.00722

−0.0321***

−0.00187

0.105

(0.0150)

(0.0194)

(0.0101)

(0.0458)

(0.109)

Percent change

−0.109

−0.155

−0.140

0.0705

−0.513***

(0.117)

(0.110)

(0.117)

(0.108)

(0.110)

prod*percent change

0.261

0.718***

−0.418**

(0.167)

(0.194)

(0.189)

consume*percent

0.134

0.128

0.114

change

(0.164)

(0.317)

(0.151)

Bank*percent change

0.172

0.194

0.328**

(0.180)

(0.212)

(0.133)

prod*velocity

0.0122

−0.185***

(logged)

(0.00933)

(0.0491)

consume*velocity

0.00643

0.0428

(logged)

(0.0135)

(0.0472)

Bank*velocity

0.00170

0.0468

(logged)

(0.0101)

(0.0422)

Variation (logged)

−0.0276

−0.0240

0.129**

−0.0266

0.355***

(0.0192)

(0.0193)

(0.0521)

(0.0206)

(0.0647)

Velocity (logged)

−0.000662

−5.95e−05

−0.0275

−0.00392

0.0599*

(0.00401)

(0.00405)

(0.0189)

(0.00755)

(0.0347)

Assets (logged)

0.000488

−0.00118

0.00484

−0.00126

0.00526**

(0.00364)

(0.00597)

(0.00321)

(0.00617)

(0.00224)

Debt/Equity

0.00682

0.00393

0.00462

0.00820

0.00397

(logged)

(0.00509)

(0.00561)

(0.00623)

(0.00550)

(0.00591)

RUNWAY

0.0188

−0.0130

0.0914

−0.0420

0.0702

0.000488

−0.00118

0.00484

−0.00126

0.00526**

Constant

0.0545

0.0703

−0.376**

0.0638

−0.566***

(0.0625)

(0.0909)

(0.155)

(0.0971)

(0.134)

Observations

123

66

57

66

57

R-squared

0.115

0.287

0.493

0.165

0.658