Table 5 Moderating role of volatility... | Emerald Publishing

Table 5

Moderating role of volatility

	(1)	(2)	(3)	(4)
	Volatility_ERIndex		Volatility_StockIndex
Variables	Favor_Last	Favor_Last	Favor_Last	Favor_Last
D.Inflation	0.08	0.09	0.15	0.13
D.Inflation	(0.134)	(0.136)	(0.138)	(0.131)
MPG	0.01	0.01	0.01	0.01
MPG	(0.021)	(0.021)	(0.025)	(0.023)
RSG	0.01	0.01	−0.00	0.00
RSG	(0.013)	(0.013)	(0.014)	(0.013)
TradeBalance	−0.13	−0.13	−0.09	−0.10
TradeBalance	(0.131)	(0.129)	(0.143)	(0.131)
ERIndex	0.13***	0.13***	0.11***	0.10***
ERIndex	(0.020)	(0.019)	(0.019)	(0.019)
Stance	0.41**	0.41**	0.39*	0.30
Stance	(0.183)	(0.187)	(0.200)	(0.203)
Volatility	−0.31***	−0.26**	0.01	−0.01
Volatility	(0.116)	(0.130)	(0.012)	(0.011)
Stance* Volatility		0.12		−0.04***
Stance* Volatility		(0.176)		(0.015)
Constant	−18.11***	−17.34***	−14.98***	−13.87***
Constant	(2.808)	(2.645)	(2.626)	(2.605)
Observations	115	115	115	115
R-squared	0.441	0.444	0.406	0.464
Month FE	YES	YES	YES	YES

	(1)	(2)	(3)	(4)
	Volatility_ERIndex		Volatility_StockIndex
Variables	Favor_Last	Favor_Last	Favor_Last	Favor_Last
D.Inflation	0.08	0.09	0.15	0.13
D.Inflation	(0.134)	(0.136)	(0.138)	(0.131)
MPG	0.01	0.01	0.01	0.01
MPG	(0.021)	(0.021)	(0.025)	(0.023)
RSG	0.01	0.01	−0.00	0.00
RSG	(0.013)	(0.013)	(0.014)	(0.013)
TradeBalance	−0.13	−0.13	−0.09	−0.10
TradeBalance	(0.131)	(0.129)	(0.143)	(0.131)
ERIndex	0.13***	0.13***	0.11***	0.10***
ERIndex	(0.020)	(0.019)	(0.019)	(0.019)
Stance	0.41**	0.41**	0.39*	0.30
Stance	(0.183)	(0.187)	(0.200)	(0.203)
Volatility	−0.31***	−0.26**	0.01	−0.01
Volatility	(0.116)	(0.130)	(0.012)	(0.011)
Stance*Volatility		0.12		−0.04***
Stance*Volatility		(0.176)		(0.015)
Constant	−18.11***	−17.34***	−14.98***	−13.87***
Constant	(2.808)	(2.645)	(2.626)	(2.605)
Observations	115	115	115	115
R-squared	0.441	0.444	0.406	0.464
Month FE	YES	YES	YES	YES

Note(s): Robust standard errors in parentheses

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

Source(s): Authors' own work