| Low Ivol | 2 | 3 | 4 | High Ivol | High-Low |
CSR1 | 0.7227 | 0.4645 | 0.1912 | −0.7859 | −1.4063 | −2.1290*** |
(−6.22) | ||||||
CSR2 | 0.9357 | 1.1209 | 0.7731 | 0.2812 | −0.4804 | −1.4161*** |
(−3.63) | ||||||
CSR3 | 0.5775 | 0.9349 | 0.8463 | 0.5444 | 0.1154 | −0.4621 |
(−0.92) | ||||||
CSR4 | 0.7006 | 0.9402 | 0.5885 | 0.6016 | −0.0780 | −0.7786 |
(−1.38) | ||||||
CSR5 | 0.7511 | 0.6797 | 0.8548 | 0.7113 | 0.0171 | −0.7339 |
(−1.57) | ||||||
Avg (V5-V1) | 0.7375 | 0.8280 | 0.6508 | 0.2705 | −0.3664 | −1.1040*** |
(−6.02) |