VARIABLES	(1)	(2)	(3)
VARIABLES	rd	rd	rd
ff	0.0089^***	0.0279^***	0.0079^***
	(0.0022)	(0.0076)	(0.0018)
lev	−0.0027	−0.0845^***	−0.0011
	(0.0024)	(0.0084)	(0.0028)
growth	0.0005	0.0067^***	−0.0010^***
	(0.0005)	(0.0012)	(0.0003)
roa	0.0248^***	−0.0840^***	−0.0105^***
	(0.0048)	(0.0145)	(0.0028)
board	0.0001	0.0003	0.0003
	(0.0002)	(0.0004)	(0.0002)
dir	0.0077	0.0541^***	0.0103^**
	(0.0050)	(0.0135)	(0.0050)
top5	−0.0046^***	−0.0293^***	−0.0066
	(0.0017)	(0.0044)	(0.0052)
nature	0.0000	0.0059^***	−0.0005
	(0.0006)	(0.0015)	(0.0014)
Ind	Yes	Yes	No
Year	Yes	Yes	Yes
Firm	No	No	Yes
Constant	0.0006	0.0230^**	0.0158^***
	(0.0035)	(0.0114)	(0.0046)
Observations	4595	5816	5826
R-squared	0.351	0.360	0.106