Var

SH

SZ

CY

ZZ500

ZZ1000

GZ2000

ISI

0.5959^**

0.6497^**

0.5287^**

0.6464^**

0.6758^**

0.7000^**

(19.07)

(21.74)

(16.17)

(21.57)

(23.23)

(24.68)

ISIL1

−0.1957^**

−0.2001^**

−0.2084^**

−0.2280^**

−0.1777^**

−0.1794^**

(−6.28)

(−6.71)

(−6.39)

(−7.63)

(−6.12)

(−6.34)

Cons

0.0022

0.0024

0.0021

0.0010

0.0025

0.0025

(0.08)

(0.09)

(0.07)

(0.03)

(0.09)

(0.1)

R-squared

0.3101

0.3692

0.2447

0.3651

0.4020

0.4318

Adj R-squared

0.3084

0.3676

0.2428

0.3635

0.4005

0.4304