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

0.0019

0.0004

−0.0004

0.0004

−0.0028^*

−0.0015^*

−0.0019^**

−0.0014

(0.0012)

(0.0007)

(0.0008)

(0.0017)

(0.0014)

(0.0008)

(0.0008)

(0.0016)

D

0.0056^***

0.0032^***

0.0007

−0.0019

0.0007

0.0013^*

0.0013

0.0053^**

(0.0016)

(0.0011)

(0.0012)

(0.0028)

(0.0015)

(0.0007)

(0.0008)

(0.0021)

C

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Constant

0.0973^***

0.0015

0.1340^**

0.4860^***

−0.1500^***

−0.0244^***

−0.1010^***

−0.4520^***

(0.0104)

(0.0063)

(0.0106)

(0.0234)

(0.0107)

(0.0065)

(0.0114)

(0.0236)

Observations

75,715

76,535

76,215

67,292

78,736

78,144

78,248

64,030

R-squared

0.2000

0.1720

0.2430

0.2610

0.2040

0.1930

0.2070

0.2370