VARIABLES

东部地区

中西部地区

(1)

(2)

(3)

(4)

(5)

(6)

ncskew_mdos

duvol_mdos

crash_mdos

ncskew_mdos

duvol_mdos

crash_mdos

lgd

0.000338*

0.000365***

0.000367***

0.0814

0.104***

0.0539***

(0.000204)

(0.000134)

(7.90e−05)

(0.0571)

(0.0365)

(0.0208)

invbonds

0.000239

2.49e−05

1.03e−05

0.000218

0.000292**

−5.06e−05

(0.000212)

(0.000139)

(8.18e−05)

(0.000224)

(0.000143)

(8.16e−05)

控制变量

YES

YES

YES

YES

YES

YES

Constant

−0.803***

−0.375***

0.256***

0.159

0.173

0.261***

(0.144)

(0.130)

(0.0767)

(0.216)

(0.138)

(0.0787)

Observations

17,873

17,222

17,222

6,936

6,936

6,936

R-squared

0.018

0.022

0.013

0.014

0.016

0.008