(1)

(2)

(3)

VARIABLES

IMU

IMU

Sent

Limit

1.412***

2.501***

1.666***

(0.414)

(0.181)

(0.0269)

Sent

0.653***

(0.179)

REPU

−0.0545

−0.0668

−0.0189

(0.0390)

(0.0404)

(0.0249)

PB

−0.437***

−0.350**

0.133***

(0.128)

(0.151)

(0.0282)

SIZE

−0.286***

−0.324***

−0.0570***

(0.0381)

(0.0380)

(0.0151)

FUND

−0.000272

0.00160

0.00286*

(0.000689)

(0.00113)

(0.00158)

ROE

−0.0141***

−0.0189***

−0.00726***

(0.00382)

(0.00522)

(0.000857)

AGE

−0.00766**

−0.0130***

−0.00823***

(0.00290)

(0.00378)

(0.00114)

Constant

8.581***

8.743***

0.248

(0.747)

(0.648)

(0.298)

Observations

586

586

586

R-squared

0.418

0.385

0.664

Number of Ind

16

16

16

Year

YES

YES

YES

Industry

YES

YES

YES