1

2

3

4

5

6

STOCK

STOCK

STOCK

TIME

TIME

TIME

DEGREE

1.7810^**

(2.29)

0.1113

(0.27)

BETWEEN

16.2015^*

(1.83)

4.4402

(0.91)

CLOSE

0.4783^***

(2.73)

0.0987

(0.96)

SIZE

−2.0355^*

(−1.79)

−1.7972^*

(−1.71)

−1.9819^**

(−1.78)

0.0674

(0.11)

−0.0662

(−0.10)

0.0117

(0.02)

FSIZE

1.7578^**

(1.99)

1.8517^**

(2.07)

2.0429^**

(2.09)

0.2311

(0.32)

0.2912

(0.40)

0.1887

(0.26)

AGE

32.1490^**

(2.14)

33.0082^**

(2.17)

32.4500^**

(2.15)

−18.26^**

(−1.80)

−16.0530

(−1.54)

−17.3408

(−1.73)

TOVER

0.2666

(0.20)

0.0959

(0.07)

−0.1840

(−0.14)

1.1871

(1.06)

1.0665

(0.94)

0.9750

(0.86)

STD

2.3800^*

(0.76)

−0.4113

(−0.14)

2.0842

(0.66)

−2.9430

(−1.32)

−3.1718

(−1.42)

−2.6947

(−1.20)

COMP

4.3447

(0.95)

6.7284

(1.31)

3.8848

(0.84)

3.5479

(1.02)

4.2881

(1.19)

3.6902

(1.06)

N

180,856

180,856

180,856

180,856

180,856

180,856

LRstatistic

19.82^**

18.23^**

22.61

10.14

10.96

11.00