1

2

3

ALPHA

ALPHA

ALPHA

DEGREE

0.0182^**

(2.23)

BETWEEN

0.0398

(1.46)

CLOSE

0.0038^**

(1.92)

SIZE

0.0213

(1.16)

0.0239

(1.32)

0.0210

(1.15)

FSIZE

0.0009

(0.05)

0.0052

(0.29)

0.0022

(0.13)

AGE

−0.1328

(−0.66)

−0.1970

(−0.95)

−0.1323

(−0.66)

TOVER

−0.0740^***

(−3.20)

−0.0736^***

(−3.00)

−0.0767^***

(−3.26)

STD

0.1150^***

(3.21)

0.1088^***

(2.74)

0.1186^***

(3.21)

COMP

0.0029

(0.05)

0.0009

(0.01)

−0.0034

(−0.06)

N

180,856

180,856

180,856

Adjusted R²

0.223

0.195

0.213