VARIABLES

AC

Risk1

Risk2

(1)

(2)

(3)

RD

−0.030^***

−0.010^***

−0.024^***

(−5.03)

(−2.72)

(−2.72)

RD²

0.001^***

0.001^***

0.001^***

(5.87)

(2.70)

(2.70)

AC

0.057^***

0.138^***

(9.29)

(9.25)

control

Y

Y

Y

Year/Ind

Y

Y

Y

Constant

0.761^***

0.203^***

0.497^***

(12.76)

(5.56)

(5.58)

N

9926

9926

9926

R-squared

0.418

0.191

0.188