变量

(1)

(2)

(3)

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

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

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

$Opaqu{e}_{i,t-1}$

0.2008^***

(2.6736)

0.4146^***

(3.7214)

0.0805

(0.9381)

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

−0.0005

(−1.5703)

0.0001

(0.3163)

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

0.0006^***

(2.6802)

$Ins{t}_{i,t-1}\times Opaqu{e}_{i,t-1}$

−0.0057^***

(−2.6537)

$Fun{d}_{i,t-1}\times Opaqu{e}_{i,t-1}$

0.0010^***

(2.9877)

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

0.1258^***

(9.9010)

0.1249^***

(9.8607)

0.1175^***

(9.1944)

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

−0.0294^***

(−6.1624)

−0.0281^***

(−5.8783)

−0.0414^***

(−7.9263)

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

0.1165^***

(4.9148)

0.1169^***

(4.9231)

0.1038^***

(4.3859)

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

0.0077^*

(1.8174)

0.0068

(1.6201)

0.0104^**

(2.5241)

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

0.2713^***

(7.6740)

0.2716^***

(7.6748)

0.2540^***

(7.2327)

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

0.1059^***

(3.4048)

0.1080^***

(3.4733)

0.0889^***

(2.8361)

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

0.05310

(1.6040)

0.0523

(1.5769)

0.0527

(1.5918)

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

0.0549

(1.6380)

0.0543

(1.6221)

0.0446

(1.3310)

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

−0.0714^*

(−1.8772)

−0.0710^*

(−1.6894)

−0.0799^*

(−2.1176)

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

0.0905^***

(3.1975)

0.0913^***

(3.2267)

0.0826^***

(2.9182)

行业FE

Yes

Yes

Yes

时间FE

Yes

Yes

Yes

样本量

10,324

10,324

10,324

$R^2$

0.0518

0.0525

0.0540

F统计量

14.84

14.30

14.75