VARIABLES

(1)

H_S

(2)

H_M

(3)

H_L

(4)

H_I

(5)

H_S

(6)

H_M

(7)

H_L

(8)

H_I

U

0.0009

0.0005

0.0007

0.0034^*

0.0056^***

0.0028^**

2.58e−05

0.0011

(0.0014)

(0.0007)

(0.0010)

(0.0020)

(0.0012)

(0.0012)

(0.0009)

(0.0017)

D

0.0021

0.0005

−7.07e−05

−0.0014

0.0058^***

0.0028^**

−0.0002

−0.0014

(0.0015)

(0.0011)

(0.0009)

(0.0029)

(0.0020)

(0.0012)

(0.0010)

(0.0027)

C

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Constant

0.1250^***

0.0127^***

0.1210^***

0.4800^***

0.1150^***

0.0200^**

0.1080^***

0.4110^***

(0.0091)

(0.0046)

(0.0098)

(0.0233)

(0.0142)

(0.0092)

(0.0134)

(0.0264)

Observations

107,577

107,686

107,503

89,897

46,875

46,978

46,929

41,411

R-squared

0.1310

0.1280

0.2040

0.2190

0.1750

0.1650

0.2190

0.2290