VARIABLES

(1)

H_S

(2)

H_M

(3)

H_L

(4)

H_I

U

0.0028^***

0.0017^***

0.0006

0.0020

(0.0010)

(0.0006)

(0.0007)

(0.0016)

D

0.0041^***

0.0015^**

−0.0004

−0.0018

(0.0012)

(0.0007)

(0.0007)

(0.0017)

C

Yes

Yes

Yes

Yes

Constant

0.1210^***

0.0146^***

0.1200^***

0.4600^***

(0.0094)

(0.0052)

(0.0100)

(0.0210)

Observations

132,630

132,836

132,67

114,191

R-squared

0.1250

0.1200

0.1980

0.2010