变量

(1)

(2)

(3)

$NCSKE{W}_{i,t}$

$NCSKE{W}_{i,t}$

$NCSKE{W}_{i,t}$

$Ins{t}_{i,t-1}$

−0.0006^***

(−4.3052)

$Fun{d}_{i,t-1}$

0.0013^***

(4.7443)

$Insu{r}_{i,t-1}$

0.0007

(0.8332)

$SSFun{d}_{i,t-1}$

−0.0054^***

(−2.7378)

$QFI{I}_{i,t-1}$

−0.0021

(−0.7904)

$Domesti{c}_{i,t-1}$

−0.0006^***

(−4.2939)

$NCSKE{W}_{i,t-1}$

0.0665^***

(8.8461)

0.0655^***

(8.7144)

0.0665^***

(8.8438)

$LNSIZ{E}_{j,t-1}$

−0.0313^***

(−9.7006)

−0.0414^***

(−12.2981)

−0.0312^***

(−9.6689)

$\log \left(volatilit{y}_{j,t-1}\right)$

0.1129^***

(7.2067)

0.1105^***

(7.0386)

0.1126^***

(7.1709)

$DTurnove{r}_{j,t-1}$

0.0032^***

(2.7960)

0.0053^***

(4.8867)

0.0032^***

(2.8001)

$Ret{1}_{j,t-1}$

0.2467^***

(9.6337)

0.2120^***

(8.4488)

0.2467^***

(9.6331)

$Ret{2}_{j,t-1}$

0.0874^***

(4.6099)

0.0700^***

(3.6720)

0.0875^***

(4.6131)

$Ret{3}_{j,t-1}$

−0.0290

(−1.2895)

−0.0412^*

(−1.8382)

−0.0289

(−1.2857)

$Ret{4}_{j,t-1}$

0.0479^**

(1.9902)

0.0359

(1.4889)

0.0479^**

(1.9922)

$Ret{5}_{j,t-1}$

−0.1430^***

(−5.5071)

−0.1560^***

(−6.0217)

−0.1429^***

(−5.5034)

$Ret{6}_{j,t-1}$

0.0164

(0.8215)

0.0114

(0.5705)

0.0165

(0.8254)

行业FE

Yes

Yes

Yes

时间FE

Yes

Yes

Yes

样本量

28,655

28,655

28,655

$R^2$

0.0378

0.0379

0.0378

F统计量

28.89

26.93

28.18