VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

firstlgd

second

firstlgd

second

firstlgd

second

lgd

ncskew_mdos

lgd

duvol_mdos

lgd

crash_mdos

lgd

0.0010***

0.0003***

0.0003***

(4.75)

(4.2600)

(2.9100)

Med_Expend

0.2143***

0.2143***

0.2144***

(55.84)

(45.660)

(55.86)

企业控制变量

YES

YES

YES

YES

YES

YES

年份固定效应

YES

YES

YES

YES

YES

YES

Constant

39.743***

−0.552***

39.743***

−0.096

39.743***

0.289***

(3.56)

(−3.26)

(3.56)

(−0.89)

(3.560)

(4.500)

Observations

24,004

24,004

24,004

24,004

24,004

24,004

R-squared

0.038

0.045

0.015