变量

(1)

(2)

(3)

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

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

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

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

−0.0029^***

(−2.6717)

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

0.0015

(0.8903)

$Ins{t}_{i,t-1}\times Cove{r}_{i,t-1}$

0.00001^*

(1.7220)

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

0.1465^***

(2.6812)

0.0243

(0.5950)

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

0.0256^***

(7.6807)

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

−0.00003

(−0.1593)

−0.0005

(−4.6949)

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

0.00007

(0.7310)

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

0.1396^***

(11.8477)

0.1392^***

(1.8063)

0.0727^***

(8.4566)

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

−0.0251^***

(−10.9518)

−0.0285^***

(−11.5871)

−0.0211^***

(−9.1942)

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

0.0552^***

(5.0006)

0.0536^***

(4.8491)

0.0454^***

(4.6051)

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

0.0058^***

(3.0740)

0.0074^***

(3.9567)

0.0013

(1.4469)

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

0.1120^***

(6.6526)

0.1090^***

(6.5006)

0.1133^***

(6.7344)

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

0.0487^***

(3.1986)

0.0444^***

(2.9053)

0.0431^***

(3.5468)

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

0.0329^**

(2.0630)

0.0333^**

(2.0879)

−0.0111

(−0.7477)

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

0.0152

(0.9421)

0.0136

(0.8424)

0.0045

(0.3008)

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

−0.0648^***

(−3.6001)

−0.0678^***

(−3.7684)

−0.0667^***

(−4.2407)

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

0.0341^**

(2.5735)

0.0315^**

(2.3704)

0.0325^**

(2.5131)

行业FE

Yes

Yes

Yes

时间FE

Yes

Yes

Yes

样本量

10,324

10,324

19,291

$R^2$

0.075

0.075

0.066

F统计量

21.02

20.77

32.60