(1)

(2)

(3)

(4)

(5)

(6)

(7)

$DUVO{L}_{i,t+1}$

$NCSKEW{2}_{i,t+1}$

$NCSKEW{3}_{i,t+1}$

2006-2013

2014-2020

TWSE

TPEx

FIOC

−0.028

−0.036

−0.033

−0.032

−0.037

−0.029

−0.048

[−3.44]***

[−4.31]***

[−4.01]***

[−2.85]***

[−3.01]***

[−2.79]***

[−3.44]***

Controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Industry-Fixed Effects

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Year-Fixed Effects

Yes

Yes

Yes

Yes

Yes

Yes

Yes

N

19,319

19,319

19,319

9,972

9,347

10,820

8,499

Adjusted R²

9.03%

6.52%

7.39%

10.33%

5.24%

9.23%

6.63%