变量

NCSKEW_t+1

DUVOL_t+1

(1)

(2)

(3)

(4)

(5)

(6)

degree

−12.586^***

−9.598^***

(−2.97)

(−3.41)

closeness

−0.271^***

−0.196^***

(−2.79)

(−3.04)

betweeness

−5.420^**

−4.483^***

(−2.41)

(−2.99)

ret

10.907^***

10.901^***

10.905^***

6.565^***

6.561^***

6.563^***

(16.24)

(16.23)

(16.24)

(14.71)

(14.70)

(14.70)

sigma

−1.857^***

−1.850^***

−1.848^***

−1.086^***

−1.081^***

−1.080^***

(−7.21)

(−7.19)

(−7.18)

(−6.35)

(−6.32)

(−6.31)

size

−0.017^***

−0.017^***

−0.017^***

−0.012^***

−0.012^***

−0.012^***

(−3.42)

(−3.42)

(−3.44)

(−3.72)

(−3.73)

(−3.74)

lev

−0.108^***

−0.109^***

−0.109^***

−0.088^***

−0.090^***

−0.089^***

(−4.51)

(−4.58)

(−4.56)

(−5.57)

(−5.65)

(−5.62)

board

−0.015

−0.015

−0.015

−0.015

−0.015

−0.015

(−0.58)

(−0.58)

(−0.57)

(−0.87)

(−0.88)

(−0.87)

indep

−0.025

−0.024

−0.026

−0.043

−0.042

−0.044

(−0.27)

(−0.25)

(−0.27)

(−0.68)

(−0.66)

(−0.69)

dual

0.034^***

0.034^***

0.034^***

0.026^***

0.026^***

0.026^***

(3.39)

(3.40)

(3.40)

(3.84)

(3.85)

(3.85)

top1

0.069^**

0.072^**

0.070^**

0.034^*

0.037^*

0.035^*

(2.27)

(2.39)

(2.30)

(1.70)

(1.83)

(1.72)

bm

0.012^**

0.012^**

0.012^**

0.009^***

0.009^***

0.009^***

(2.36)

(2.33)

(2.33)

(2.66)

(2.64)

(2.63)

big4

−0.008

−0.008

−0.008

−0.000

0.000

−0.000

(−0.41)

(−0.38)

(−0.40)

(−0.03)

(0.00)

(−0.02)

Constant

0.307^**

0.310^**

0.301^**

0.283^***

0.284^***

0.278^***

(2.47)

(2.49)

(2.42)

(3.42)

(3.44)

(3.37)

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

27,089

27,089

27,089

27,089

27,089

27,089