(1) (2) (3) (4) (5) (6) (7) (8) (9) (1

VARIABLE aalret ctltret bbyret atoret aphret amznret googlret adpret mmmret abm
S

spret 0.0101 0.00715 0.00821 0.00463** 0.00784* 0.00768 0.00744 0.00668* 0.00774** 0.01
*

(0.00677) (0.00528) (0.00548) (0.00228) (0.00435) (0.00726) (0.00534) (0.00383) (0.00248) (0.00

Constant -0.000744 -0.00137 -0.00221 0.000247 7.25e-05 -0.00136 -0.00125 0.000529 -0.00227* -0.00

(0.00247) (0.00181) (0.00194) (0.000947) (0.00120) (0.00210) (0.00151) (0.00117) (0.00117) (0.00

Observation 199 199 199 199 199 199 199 199 199 1
s

R-squared 0.044 0.041 0.047 0.063 0.104 0.035 0.061 0.082 0.110 0.0

Robust standard errors in parentheses

*** p<0.01, ** p<0.05, * p<0.1