CNH(−2)

−0.167735

−0.051127

(0.04148)

(0.05374)

[−4.04403]

[−0.95131]

CNH(−3)

−0.036060

−0.063457

(0.04183)

(0.05420)

[−0.86205]

[−1.17077]

CNH(−4)

−0.015169

0.005180

(0.04185)

(0.05422)

[−0.36248]

[ 0.09554]

CNH(−5)

−0.045088

−0.004369

(0.04156)

(0.05385)

[−1.08490]

[−0.08114]

CNH(−6)

0.033134

0.100849

(0.03402)

(0.04408)

[ 0.97404]

[ 2.28801]

Constant

0.007018

0.016599

(0.00886)

(0.01149)

[ 0.79173]

[ 1.44523]