Table 7 Lock-in period, ESOP and crash risk

Intercept

0.726^b

0.837^c

0.975

0.603

0.142

0.372

(2.01)

(3.11)

(0.57)

(−0.50)

(0.24)

(0.85)

ESOP _i,t-1

−0.033^a

− 0.039^b

×Block _i,t

(− 1.73)

(− 2.16)

ESOP _i,t-1

−0.036^c

− 0.046^c

− 0.043^a

− 0.288

− 0.463

−0.361

(−2.68)

(− 2.92)

(− 1.92)

(− 1.54)

(− 1.45)

(− 1.54)

Block _i,t

−0.003^b

−0.002^a

(−2.01)

(−1.76)

Dturn _i,t-1

0.001

0.005

0.108^c

0.04

0.007

0.007

(0.06)

(0.61)

(2.70)

(1.39)

(0.72)

(0.87)

Hret _i,t-1

0.756^c

0.556^c

1.304^c

0.824^c

0.823^c

0.592^c

(12.97)

(11.95)

(3.81)

(2.93)

(10.65)

(9.72)

Sigma _i,t-1

−1.197

−0.1

−6.411

−1.808

−0.922

−0.77

(− 0.57)

(− 0.06)

(−0.74)

(− 0.29)

(− 0.34)

(−0.38)

MB _i,t-1

0.026^c

0.016^b

0.052

0.027

0.028^c

0.017^c

(3.08)

(2.51)

(1.38)

(1.01)

(3.34)

(2.80)

Size _i,t-1

−0.031^b

−0.033^c

−0.037

− 0.032

−0.021

− 0.025

(−2.01)

(−2.87)

(−0.50)

(− 0.60)

(− 0.97)

(−1.58)

Lev _i,t-1

0.103

0.026

0.387

0.246

0.058

−0.073

(1.28)

(0.44)

(1.04)

(0.94)

(0.53)

(−0.92)

ROA _i,t-1

−0.022^c

−0.026^c

− 0.067^b

−0.063^c

− 0.038^c

−0.035^c

(−3.33)

(−5.41)

(−2.38)

(−3.16)

(−4.44)

(−5.49)

DA _i,t-1

−0.158

−0.111

− 0.679

−0.448

− 0.21

−0.123

(−1.45)

(−1.37)

(− 1.39)

(− 1.30)

(−1.42)

(− 1.13)

NCSKEW _i,t-1

0.095^c

0.079

0.062^c

(5.96)

(1.28)

(2.98)

DUVOL _i,t-1

0.107^c

0.111

0.09^c

(6.27)

(1.49)

(4.00)

Fix_ind

Yes

Yes

Yes

Yes

Yes

Yes

Fix_time

Yes

Yes

Yes

Yes

Yes

Yes

Adj-R ²

0.1495

0.1777

0.1292

0.11

0.1623

0.1875

No. of obs.

4517

4517

315

315

4832

4832