变量

NCSKEW_t+1

DUVOL_t+1

(1)

(2)

(3)

(4)

(5)

(6)

degree

−33.748^**

−27.426^***

(−2.09)

(−2.63)

closeness

−0.260^**

−0.187^***

(−2.55)

(−2.86)

betweeness

5.867

5.704

(0.81)

(1.30)

ret

10.931^***

10.914^***

10.920^***

6.580^***

6.567^***

6.572^***

(16.68)

(18.41)

(17.81)

(15.21)

(14.85)

(15.52)

sigma

−1.853^***

−1.842^***

−1.829^***

−1.086^***

−1.076^***

−1.066^***

(−7.13)

(−7.37)

(−7.13)

(−6.17)

(−6.32)

(−6.14)

size

−0.015^***

−0.015^***

−0.015^***

−0.011^***

−0.011^***

−0.011^***

(−3.15)

(−3.19)

(−3.21)

(−3.27)

(−3.47)

(−3.53)

lev

−0.112^***

−0.113^***

−0.114^***

−0.091^***

−0.092^***

−0.092^***

(−4.63)

(−4.82)

(−4.86)

(−5.75)

(−5.74)

(−5.70)

board

−0.018

−0.019

−0.018

−0.017

−0.017

−0.017

(−0.71)

(−0.73)

(−0.72)

(−0.89)

(−1.01)

(−0.98)

indep

−0.022

−0.023

−0.023

−0.041

−0.042

−0.042

(−0.23)

(−0.25)

(−0.25)

(−0.64)

(−0.65)

(−0.67)

dual

0.033^***

0.034^***

0.034^***

0.025^***

0.026^***

0.026^***

(3.33)

(3.24)

(3.50)

(3.68)

(3.92)

(3.94)

bm

0.012^**

0.012^**

0.012^**

0.009^***

0.009^**

0.009^**

(2.23)

(2.31)

(2.24)

(2.83)

(2.52)

(2.39)

big4

−0.005

−0.005

−0.006

0.002

0.001

0.001

(−0.24)

(−0.26)

(−0.27)

(0.12)

(0.10)

(0.09)

Constant

0.307^**

0.303^**

0.288^**

0.286^***

0.280^***

0.270^***

(2.52)

(2.55)

(2.33)

(3.51)

(3.28)

(3.14)

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

0.050

N

27,091

27,091

27,091

27,091

27,091

27,091