(1)

(2)

(3)

(4)

(5)

Y

M1

M2

M3

M4

X

0.5518***

0.1887***

0.1691***

0.2734***

2.5382***

(0.0124)

(0.0055)

(0.0053)

(0.0128)

(0.0422)

C1

−0.0015**

0.0013***

0.0013***

−0.0077***

0.0084***

(0.0007)

(0.0003)

(0.0003)

(0.0007)

(0.0023)

C2

0.0525***

0.0024

0.0034**

0.0102***

0.0434***

(0.0036)

(0.0016)

(0.0016)

(0.0038)

(0.0124)

C3

0.0491***

−0.0032***

−0.0028***

0.0234***

0.0079

(0.0014)

(0.0006)

(0.0006)

(0.0015)

(0.0049)

C4

0.1189***

−0.0009

−0.0007

0.0349***

−0.0921***

(0.0034)

(0.0015)

(0.0014)

(0.0035)

(0.0115)

C5

0.0211***

0.0010

0.0012

−0.0349***

0.0304***

(0.0028)

(0.0012)

(0.0012)

(0.0029)

(0.0094)

C6

0.2748***

−0.0030*

−0.0039**

0.0781***

0.0527***

(0.0036)

(0.0016)

(0.0015)

(0.0037)

(0.0123)

_cons

0.1270***

−0.0055***

0.0056***

0.0008

−0.0079

(0.0040)

(0.0018)

(0.0017)

(0.0041)

(0.0136)

N

31750

31750

31750

31750

31750

R2

0.404

0.045

0.039

0.079

0.145

adj. R2

0.404

0.045

0.039

0.079

0.145