变量

(1)

(2)

(3)

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

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

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

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

−0.0004^***

(−5.4917)

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

−0.0002

(−1.6979)

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

0.0005

(1.4761)

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

−0.0028^***

(−2.7822)

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

−0.0031^***

(−2.4891)

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

−0.0004^***

(−5.4534)

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

0.0777^***

(10.8010)

0.0794^***

(11.0383)

0.0776^***

(10.7809)

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

−0.0270^***

(−16.1535)

−0.0287^***

(−16.5438)

−0.0269^***

(−16.1040)

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

00442^***

(5.6282)

0.0463^***

(5.8620)

0.0435^***

(5.5251)

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

0.0016^**

(2.5334)

0.0028^***

(4.5441)

0.0016^**

(2.5435)

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

0.1036^****

(7.4878)

0.0937^***

(6.8650)

0.1037^***

(7.4867)

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

0.0318^***

(3.0613)

0.0300^***

(2.8817)

0.0319^***

(3.0739)

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

−0.0179

(−1.4767)

−0.0206^*

(−1.7020)

−0.0177

(−1.4599)

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

−0.0024

(−0.1894)

−0.0017

(−0.1337)

0.0023

(−0.1832)

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

−0.0680^***

(−5.1139)

−0.0700^***

(−5.2770)

−0.0678^***

(−5.1016)

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

0.0192^*

(1.7934)

0.0189^*

(1.7660)

0.0193^*

(1.8062)

行业FE

Yes

Yes

Yes

时间FE

Yes

Yes

Yes

样本量

28,655

28,655

28,655

$R^2$

0.0517

0.0510

0.0518

F统计量

40.08

37.61

39.15