	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	Retrun	Retrun	Retrun	Retrun	Retrun	Retrun
Ivol	−0.735***	−0.407***	−0.308*	−0.463***	−0.429***	−0.662***
Ivol	(−4.27)	(−2.70)	(−1.89)	(−2.95)	(−2.88)	(−3.64)
CR	0.000***					0.000**
CR	(2.68)					(2.53)
CR ´ IV	0.027***					0.030***
CR ´ IV	(4.02)					(4.33)
SR		0.000				0.000
SR		(0.01)				(0.07)
SR ´ IV		0.009				0.027
SR ´ IV		(0.55)				(0.63)
DR			0.000			0.000
DR			(1.48)			(0.61)
DR ´ IV			−0.018**			−0.020**
DR ´ IV			(−2.11)			(−2.18)
ER				0.000		0.001**
ER				(0.69)		(2.57)
ER ´ IV				0.027		−0.004
ER ´ IV				(1.63)		(−0.17)
EVR					−0.000	−0.001
EVR					(−0.86)	(−1.31)
EVR ´ IV					0.011	−0.013
EVR ´ IV					(0.91)	(−0.46)
Constant	−0.030	−0.054	−0.053	−0.047	−0.054	−0.024
Constant	(−0.62)	(−1.13)	(−1.12)	(−1.00)	(−1.14)	(−0.53)
Observations	250,410	250,410	250,410	250,410	250,410	250,410
R-squared	0.084	0.076	0.079	0.078	0.077	0.096
Number of groups	119	119	119	119	119	119