| DC | −0.000587 (−1.073297) | −0.000338 (−0.987851) | −0.000663 (−0.705029) | −0.000408 (−0.737472) | −0.000645 (−1.180275) | −0.000381 (−1.116951) |
| RETSTD | 0.017131*** (5.131889) | 0.009655*** (4.628213) | 0.028175*** (5.189351) | 0.015017*** (4.633321) | 0.017898*** (5.348368) | 0.010246*** (4.903941) |
| RETMEAN | −0.313275*** (−13.55601) | −0.173351*** (−12.0031) | −0.351599*** (−11.01955) | −0.228042*** (−9.574731) | −0.305401*** (−13.12733) | −0.167462*** (−11.52877) |
| DTROE | −0.0000034 (−0.026975) | 0.0000661 (0.839947) | −0.0000283 (−0.15705) | 0.0000792 (0.989446) | 0.0000081 (0.064301) | 0.0000724 (0.921372) |
| REVIMP | 0.000281** (2.332008) | 0.000108 (1.429858) | 0.000202 (1.451573) | 0.0000695* (1.673326) | 0.0003** (2.49482) | 0.00012 (1.594909) |
| IH | 0.000753 (1.093664) | 0.000256 (0.594273) | 0.001595* (1.686481) | 0.00089 (1.463733) | 0.000796 (1.155826) | 0.000328 (0.762714) |
| LOGTA | 0.066211** (2.488944) | 0.043643*** (2.625165) | 0.072747* (1.888489) | 0.042599* (1.794493) | 0.073255*** (2.808536) | 0.04728*** (2.903215) |
|
| NCSKEW | DUVOL | NCSKEW | DUVOL | NCSKEW | DUVOL |
| CONSTANT | −1.064335*** (−4.333479) | −0.695133*** (−4.528846) | −1.1584*** (−3.18847) | −0.708933*** (−3.142211) | −1.111434*** (−4.566474) | −0.722335*** (−4.753326) |
| INDUSTRY | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 3400 | 3400 | 1906 | 1906 | 3400 | 3400 |
| R | 0.080032 | 0.050432 | 0.096433 | 0.088944 | 0.08055 | 0.051601 |
| 表中*，**，***分别代表在10%，5%，1%显著性水平上显著 | ||||||