VARIABLES

(1)

H_S

(2)

H_M

(3)

H_L

(4)

H_I

U^* SW

0.0064^***

0.0033^**

0.0013

−0.0019

(0.0019)

(0.0013)

(0.0015)

(0.0026)

D^* SW

0.0041

0.0020

−0.0026

−0.0004

(0.0028)

(0.0018)

(0.0016)

(0.0038)

U

0.0006

0.0003

−6.29e−05

0.0029

(0.0012)

(0.0007)

(0.0009)

(0.0017)

D

0.0027

0.0011

0.0009

−0.0020

(0.0016)

(0.0010)

(0.0009)

(0.0021)

SW

0.0016^***

0.0011^***

−6.06e−05

−0.0011

(0.0003)

(0.0002)

(0.0003)

(0.0009)

C

Yes

Yes

Yes

Yes

Constant

0.1190^***

0.0135^***

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

0.1920