变量

NCSKEW_t+1

DUVOL_t+1

(1)

(2)

(3)

(4)

(5)

(6)

degree

−33.875^**

−27.490^**

(−2.09)

(−2.55)

closeness

−0.262^**

−0.188^***

(−2.54)

(−2.75)

betweeness

6.005

5.775

(0.89)

(1.28)

ret

10.916^***

10.898^***

10.905^***

6.572^***

6.559^***

6.564^***

(16.25)

(16.23)

(16.24)

(14.73)

(14.70)

(14.71)

sigma

−1.859^***

−1.848^***

−1.834^***

−1.089^***

−1.079^***

−1.069^***

(−7.22)

(−7.18)

(−7.13)

(−6.36)

(−6.31)

(−6.25)

size

−0.017^***

−0.017^***

−0.017^***

−0.012^***

−0.012^***

−0.012^***

(−3.44)

(−3.44)

(−3.51)

(−3.74)

(−3.75)

(−3.83)

lev

−0.109^***

−0.109^***

−0.110^***

−0.089^***

−0.090^***

−0.090^***

(−4.56)

(−4.59)

(−4.63)

(−5.62)

(−5.66)

(−5.70)

board

−0.015

−0.015

−0.015

−0.015

−0.016

−0.015

(−0.55)

(−0.58)

(−0.56)

(−0.84)

(−0.88)

(−0.85)

indep

−0.025

−0.026

−0.026

−0.043

−0.043

−0.044

(−0.27)

(−0.28)

(−0.28)

(−0.68)

(−0.69)

(−0.69)

dual

0.034^***

0.034^***

0.034^***

0.025^***

0.026^***

0.026^***

(3.36)

(3.40)

(3.44)

(3.79)

(3.86)

(3.90)

top1

0.073^**

0.073^**

0.073^**

0.037^*

0.038^*

0.037^*

(2.41)

(2.42)

(2.41)

(1.85)

(1.86)

(1.85)

bm

0.012^**

0.012^**

0.012^**

0.009^***

0.009^***

0.009^***

(2.37)

(2.33)

(2.33)

(2.68)

(2.64)

(2.64)

big4

−0.007

−0.008

−0.008

0.000

0.000

−0.000

(−0.36)

(−0.37)

(−0.39)

(0.03)

(0.01)

(−0.00)

Constant

0.315^**

0.311^**

0.296^**

0.290^***

0.284^***

0.274^***

(2.53)

(2.50)

(2.38)

(3.50)

(3.44)

(3.32)

Year FE

Yes

Yes

Yes

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Yes

Yes

Yes

Adj−R²

0.046

0.046

0.046

0.051

0.051

0.051

N

27,091

27,091

27,091

27,091

27,091

27,091