(1) DREM

(2) UPDREM

(3) DOWNDREM

Fin

−0.01301^**

−0.00518

−0.00783^**

(0.02769)

(0.18243)

(0.02401)

size

0.00002

−0.00277^***

0.00278^***

(0.96769)

(0.00000)

(0.00000)

lev

−0.00706^***

0.01030^***

−0.01736^***

(0.00763)

(0.00000)

(0.00000)

ROA

0.31747^***

0.09575^***

0.22172^***

(0.00000)

(0.00000)

(0.00000)

_cons

−0.01114

0.08037^***

−0.09150^***

(0.19013)

(0.00000)

(0.00000)

N

26268

26268

26268

adj. R²

0.1153

0.0254

0.1718