VARIABLES

(1)

H_S

(2)

H_M

(3)

H_L

(4)

H_I

U

0.0035^***

0.0018^***

0.0005

0.0020

(0.0010)

(0.0006)

(0.0006)

(0.0013)

D

0.0045^***

0.0020^***

−0.0002

−0.0021

(0.0012)

(0.0006)

(0.0006)

(0.0016)

C

Yes

Yes

Yes

Yes

Constant

0.1190^***

0.0130^***

0.1180^***

0.4640^***

(0.0089)

(0.0048)

(0.0094)

(0.0190)

Observations

154,859

155,076

154,844

131,769

R-squared

0.1150

0.1110

0.1840

0.1910