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

0.0024^**

0.0011^*

−1.34e−05

0.0009

0.0068^***

0.0045^***

0.0025

0.0066^**

(0.0011)

(0.0005)

(0.0008)

(0.0015)

(0.0018)

(0.0013)

(0.0018)

(0.0025)

D

0.0041^***

0.0021^**

0.0005

−0.0011

0.0057^*

0.0017

−0.0019

−0.0087^*

(0.0013)

(0.0008)

(0.0008)

(0.0018)

(0.0033)

(0.0018)

(0.0019)

(0.0048)

C

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Constant

0.1230^***

0.0112^*

0.1100^***

0.4640^***

0.1300^***

0.0297^***

0.1620^***

0.4910^***

(0.0100)

(0.0059)

(0.0096)

(0.0218)

(0.0142)

(0.0082)

(0.0184)

(0.0354)

Observations

117,023

117,083

116,904

101,752

37,500

37,659

37,602

29,596

R-squared

0.1290

0.1200

0.1870

0.1990

0.1350

0.1540

0.2310

0.2460