变量

(1)

(2)

(3)

(4)

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

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

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

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

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

−0.0008^***

(−6.6678)

−0.0006^***

(−4.6157)

−0.0006^***

(−4.6023)

−0.0006^***

(−4.3277)

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

−0.0323^***

(−10.8937)

−0.0371^***

(−11.1659)

−0.02266^***

(−10.6004)

−0.0305^***

(−9.1314)

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

0.0824^***

(5.2220)

0.0831^***

(5.1960)

0.1133^***

(7.1306)

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

0.2211^***

(8.7765)

0.2121^***

(8.2629)

0.2389^***

(9.1547)

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

0.0715^***

(3.8173)

0.0711^***

(3.7017)

0.0898^***

(4.6145)

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

−0.0528^**

(−2.3793)

−0.0443^**

(−1.9885)

−0.0209

(−0.9259)

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

0.0375

(1.5678)

0.0361

(1.5013)

0.0457^*

(1.8904)

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

−0.1644^***

(−6.3843)

−0.1609^***

(−6.1971)

−0.1381^***

(−5.3048)

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

−0.0100

(−0.5083)

−0.0042

(−0.2081)

0.0222

(1.0957)

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

0.0033^***

(2.8639)

0.0033^***

(2.8238)

$P{b}_{i,t-1}$

3.85e−06^***

(8.8162)

4.01e−06^***

(8.89658)

$RO{E}_{i,t-1}$

0.0002

(1.1747)

0.0002

(0.9603)

$LE{V}_{i,t-1}$

9.99e−06

(0.6536)

8.54e−06^***

(0.5808)

$DUVO{L}_{i,t-1}$

0.0662^***

(8.7078)

行业FE

Yes

Yes

Yes

Yes

时间FE

Yes

Yes

Yes

Yes

样本量

28,655

28,655

28,655

28,655

$R^2$

0.0256

0.0349

0.0312

0.0340

F统计量

30.07^***

27.83^***

23.25^***

24.25^***