IVOL-CAPM

IVFF5

IVOL-CH3

VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

Ivol

−0.280*

−0.504***

0.738***

−0.719***

−1.093***

−0.658***

−0.626***

−0.953***

−0.155

(0.163)

(0.166)

(0.196)

(0.145)

(0.144)

(0.165)

(0.161)

(0.168)

(0.184)

CSR

−0.000

0.000*

−0.000

0.000

−0.000

0.000

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

CSR ´ IV

0.011***

0.007**

0.017***

0.012***

0.016***

0.013***

(0.003)

(0.003)

(0.003)

(0.003)

(0.004)

(0.004)

Conrols

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Observations

265,127

265,127

265,127

264,586

264,586

264,586

215,693

215,693

215,693

R-squared

0.023

0.035

0.081

0.018

0.031

0.079

0.017

0.031

0.078

Number of groups

120

120

120

120

120

120

95

95

95