Baseline (1) GWIM=0 (2) GWIM=1 (3)
Treated*Period -0.0015** -0.0004 -0.0030**
(-2.0195) (-0.4436) (-2.3285)
Treated 0.0015** 0.0013* 0.0016
(2.2389) (1.6477) (1.4958)
Period -0.0035*** -0.0033*** -0.0023*
(-5.1195) (-4.0734) (-1.8648)
SIZE 0.0018*** 0.0019*** 0.0018***
(8.1496) (7.0132) (4.9752)
LEV -0.0219*** -0.0227*** -0.0195***
(-19.0887) (-16.2053) (-10.4813)
HF10 0.0058*** 0.0040 0.0112***
(2.6147) (1.5012) (3.0657)
GROWTH 0.0003*** 0.0057*** 0.0057***
(2.6585) (9.1885) (6.7385)
TR 0.0859*** 0.0407 0.0581
(2.5978) (1.1442) (0.5006)
Constant -0.0305*** -0.0283*** -0.0281***
(-5.9773) (-4.7230) (-3.2154)
IND YES YES YES
YEAR YES YES YES
N 3,927 2,730 1,197
Adj-R2 0.2780 0.3408 0.4048