(1)

(2)

(3)

VARIABLES

wp

lq

wp

S

−0.0720^***

1.026^**

−0.00390

(−3.427)

(2.580)

(−0.217)

lq

−0.00854^***

(−4.823)

open

−0.0402^***

−0.237^**

−0.0258^***

(−8.841)

(−2.334)

(−2.795)

hc

0.157^**

−2.238^**

−0.398^***

(2.027)

(−2.565)

(−3.653)

ti

0.0340^***

0.0299

−0.00952^***

(8.175)

(0.334)

(−5.479)

pol

2.429^***

59.90^***

2.603^***

(4.065)

(4.971)

(9.322)

Constant

−0.159^***

0.765

0.248^***

(−4.807)

(1.224)

(8.826)

年份

控制

控制

控制

个体

控制

控制

控制

Observations

760

760

760

R-squared

0.241

0.090

0.354