更换控制变量

滞后一期

lnVOL

lnVOL

CNS

0.2243^***

(4.464)

CNS

0.0776^***

(1.506)

CAT

−0.0367

(−0.213)

CAT

0.1143

(0.168)

LEV

0.0173

(0.265)

LEV

0.1094

(0.066)

SIZE

−0.0800^***

(−7.048)

SIZE

−0.0629^***

(0.011)

ROE

−0.4818

−0.4818*

(1.733)

EPS

−0.0204

(−0.230)

THP

0.2240^***

(0.058)

THP

0.2427^***

(4.043)

_cons

−3.5652^***

(−47.899)

_cons

−3.6815^***

(−50.089)

Observations

529

Observations

529

R-squared

0.1337

R-squared

0.0903