	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)
VARIABLES	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	ret_excess	ret_excess	ret_excess	ret_excess	ret_excess	ret_excess	ret_excess	ret_excess	ret_excess	ret_excess	ret_excess	ret_excess
																		
ret_excess_prev							0.0236	0.0236	0.0236	0.0236	0.0236	0.0236	0.0236	0.0236	0.0236	0.0236	0.0236	0.0236
							[0.0291]	[0.0291]	[0.0291]	[0.0291]	[0.0291]	[0.0291]	[0.0291]	[0.0291]	[0.0291]	[0.0291]	[0.0291]	[0.0291]
beta_fwd							-0.0616***	-0.0616***	-0.0616***	-0.0616***	-0.0616***	-0.0616***	-0.0616***	-0.0616***	-0.0616***	-0.0616***	-0.0616***	-0.0616***
							[0.00631]	[0.00631]	[0.00631]	[0.00631]	[0.00631]	[0.00631]	[0.00631]	[0.00631]	[0.00631]	[0.00631]	[0.00631]	[0.00631]
3.id							0.0146***	0.0146***	0.0146***	0.0146***	0.0146***	0.0146***	0.0146***	0.0146***	0.0146***	0.0146***	0.0146***	0.0146***
							[0.000476]	[0.000476]	[0.000476]	[0.000476]	[0.000476]	[0.000476]	[0.000476]	[0.000476]	[0.000476]	[0.000476]	[0.000476]	[0.000476]
4.id							0.0306***	0.0306***	0.0306***	0.0306***	0.0306***	0.0306***	0.0306***	0.0306***	0.0306***	0.0306***	0.0306***	0.0306***
							[0.00251]	[0.00251]	[0.00251]	[0.00251]	[0.00251]	[0.00251]	[0.00251]	[0.00251]	[0.00251]	[0.00251]	[0.00251]	[0.00251]
5.id							-0.0113***	-0.0113***	-0.0113***	-0.0113***	-0.0113***	-0.0113***	-0.0113***	-0.0113***	-0.0113***	-0.0113***	-0.0113***	-0.0113***
							[0.00216]	[0.00216]	[0.00216]	[0.00216]	[0.00216]	[0.00216]	[0.00216]	[0.00216]	[0.00216]	[0.00216]	[0.00216]	[0.00216]
6.id							-0.0174***	-0.0174***	-0.0174***	-0.0174***	-0.0174***	-0.0174***	-0.0174***	-0.0174***	-0.0174***	-0.0174***	-0.0174***	-0.0174***
							[0.00263]	[0.00263]	[0.00263]	[0.00263]	[0.00263]	[0.00263]	[0.00263]	[0.00263]	[0.00263]	[0.00263]	[0.00263]	[0.00263]
8.id							0.00199*	0.00199*	0.00199*	0.00199*	0.00199*	0.00199*	0.00199*	0.00199*	0.00199*	0.00199*	0.00199*	0.00199*
							[0.00106]	[0.00106]	[0.00106]	[0.00106]	[0.00106]	[0.00106]	[0.00106]	[0.00106]	[0.00106]	[0.00106]	[0.00106]	[0.00106]
9.id							0.00370***	0.00370***	0.00370***	0.00370***	0.00370***	0.00370***	0.00370***	0.00370***	0.00370***	0.00370***	0.00370***	0.00370***
							[0.000438]	[0.000438]	[0.000438]	[0.000438]	[0.000438]	[0.000438]	[0.000438]	[0.000438]	[0.000438]	[0.000438]	[0.000438]	[0.000438]
10.id							-0.0184***	-0.0184***	-0.0184***	-0.0184***	-0.0184***	-0.0184***	-0.0184***	-0.0184***	-0.0184***	-0.0184***	-0.0184***	-0.0184***
							[0.00273]	[0.00273]	[0.00273]	[0.00273]	[0.00273]	[0.00273]	[0.00273]	[0.00273]	[0.00273]	[0.00273]	[0.00273]	[0.00273]
11.id							0.0274***	0.0274***	0.0274***	0.0274***	0.0274***	0.0274***	0.0274***	0.0274***	0.0274***	0.0274***	0.0274***	0.0274***
							[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]
12.id							-0.00199	-0.00199	-0.00199	-0.00199	-0.00199	-0.00199	-0.00199	-0.00199	-0.00199	-0.00199	-0.00199	-0.00199
							[0.00139]	[0.00139]	[0.00139]	[0.00139]	[0.00139]	[0.00139]	[0.00139]	[0.00139]	[0.00139]	[0.00139]	[0.00139]	[0.00139]
13.id							0.0382***	0.0382***	0.0382***	0.0382***	0.0382***	0.0382***	0.0382***	0.0382***	0.0382***	0.0382***	0.0382***	0.0382***
							[0.00445]	[0.00445]	[0.00445]	[0.00445]	[0.00445]	[0.00445]	[0.00445]	[0.00445]	[0.00445]	[0.00445]	[0.00445]	[0.00445]
15.id							0.0105***	0.0105***	0.0105***	0.0105***	0.0105***	0.0105***	0.0105***	0.0105***	0.0105***	0.0105***	0.0105***	0.0105***
							[0.000337]	[0.000337]	[0.000337]	[0.000337]	[0.000337]	[0.000337]	[0.000337]	[0.000337]	[0.000337]	[0.000337]	[0.000337]	[0.000337]
16.id							-0.00917***	-0.00917***	-0.00917***	-0.00917***	-0.00917***	-0.00917***	-0.00917***	-0.00917***	-0.00917***	-0.00917***	-0.00917***	-0.00917***
							[0.00197]	[0.00197]	[0.00197]	[0.00197]	[0.00197]	[0.00197]	[0.00197]	[0.00197]	[0.00197]	[0.00197]	[0.00197]	[0.00197]
17.id							0.0260***	0.0260***	0.0260***	0.0260***	0.0260***	0.0260***	0.0260***	0.0260***	0.0260***	0.0260***	0.0260***	0.0260***
							[0.000664]	[0.000664]	[0.000664]	[0.000664]	[0.000664]	[0.000664]	[0.000664]	[0.000664]	[0.000664]	[0.000664]	[0.000664]	[0.000664]
18.id							0.0430***	0.0430***	0.0430***	0.0430***	0.0430***	0.0430***	0.0430***	0.0430***	0.0430***	0.0430***	0.0430***	0.0430***
							[0.00397]	[0.00397]	[0.00397]	[0.00397]	[0.00397]	[0.00397]	[0.00397]	[0.00397]	[0.00397]	[0.00397]	[0.00397]	[0.00397]
19.id							0.0356***	0.0356***	0.0356***	0.0356***	0.0356***	0.0356***	0.0356***	0.0356***	0.0356***	0.0356***	0.0356***	0.0356***
							[0.00151]	[0.00151]	[0.00151]	[0.00151]	[0.00151]	[0.00151]	[0.00151]	[0.00151]	[0.00151]	[0.00151]	[0.00151]	[0.00151]
20.id							-0.0256***	-0.0256***	-0.0256***	-0.0256***	-0.0256***	-0.0256***	-0.0256***	-0.0256***	-0.0256***	-0.0256***	-0.0256***	-0.0256***
							[0.00574]	[0.00574]	[0.00574]	[0.00574]	[0.00574]	[0.00574]	[0.00574]	[0.00574]	[0.00574]	[0.00574]	[0.00574]	[0.00574]
21.id							0.0289***	0.0289***	0.0289***	0.0289***	0.0289***	0.0289***	0.0289***	0.0289***	0.0289***	0.0289***	0.0289***	0.0289***
							[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]	[0.00117]
22.id							-0.000530	-0.000530	-0.000530	-0.000530	-0.000530	-0.000530	-0.000530	-0.000530	-0.000530	-0.000530	-0.000530	-0.000530
							[0.00108]	[0.00108]	[0.00108]	[0.00108]	[0.00108]	[0.00108]	[0.00108]	[0.00108]	[0.00108]	[0.00108]	[0.00108]	[0.00108]
23.id							0.00142***	0.00142***	0.00142***	0.00142***	0.00142***	0.00142***	0.00142***	0.00142***	0.00142***	0.00142***	0.00142***	0.00142***
							[0.000289]	[0.000289]	[0.000289]	[0.000289]	[0.000289]	[0.000289]	[0.000289]	[0.000289]	[0.000289]	[0.000289]	[0.000289]	[0.000289]
24.id							0.00851***	0.00851***	0.00851***	0.00851***	0.00851***	0.00851***	0.00851***	0.00851***	0.00851***	0.00851***	0.00851***	0.00851***
							[0.000247]	[0.000247]	[0.000247]	[0.000247]	[0.000247]	[0.000247]	[0.000247]	[0.000247]	[0.000247]	[0.000247]	[0.000247]	[0.000247]
25.id							-0.0152***	-0.0152***	-0.0152***	-0.0152***	-0.0152***	-0.0152***	-0.0152***	-0.0152***	-0.0152***	-0.0152***	-0.0152***	-0.0152***
							[0.00182]	[0.00182]	[0.00182]	[0.00182]	[0.00182]	[0.00182]	[0.00182]	[0.00182]	[0.00182]	[0.00182]	[0.00182]	[0.00182]
26.id							0.0223***	0.0223***	0.0223***	0.0223***	0.0223***	0.0223***	0.0223***	0.0223***	0.0223***	0.0223***	0.0223***	0.0223***
							[0.00196]	[0.00196]	[0.00196]	[0.00196]	[0.00196]	[0.00196]	[0.00196]	[0.00196]	[0.00196]	[0.00196]	[0.00196]	[0.00196]
27.id							-0.00687***	-0.00687***	-0.00687***	-0.00687***	-0.00687***	-0.00687***	-0.00687***	-0.00687***	-0.00687***	-0.00687***	-0.00687***	-0.00687***
							[0.00133]	[0.00133]	[0.00133]	[0.00133]	[0.00133]	[0.00133]	[0.00133]	[0.00133]	[0.00133]	[0.00133]	[0.00133]	[0.00133]
28.id							0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***
							[0.000333]	[0.000333]	[0.000333]	[0.000333]	[0.000333]	[0.000333]	[0.000333]	[0.000333]	[0.000333]	[0.000333]	[0.000333]	[0.000333]
29.id							-0.000848	-0.000848	-0.000848	-0.000848	-0.000848	-0.000848	-0.000848	-0.000848	-0.000848	-0.000848	-0.000848	-0.000848
							[0.00119]	[0.00119]	[0.00119]	[0.00119]	[0.00119]	[0.00119]	[0.00119]	[0.00119]	[0.00119]	[0.00119]	[0.00119]	[0.00119]
30.id							-0.0146***	-0.0146***	-0.0146***	-0.0146***	-0.0146***	-0.0146***	-0.0146***	-0.0146***	-0.0146***	-0.0146***	-0.0146***	-0.0146***
							[0.00275]	[0.00275]	[0.00275]	[0.00275]	[0.00275]	[0.00275]	[0.00275]	[0.00275]	[0.00275]	[0.00275]	[0.00275]	[0.00275]
31.id							0.0275***	0.0275***	0.0275***	0.0275***	0.0275***	0.0275***	0.0275***	0.0275***	0.0275***	0.0275***	0.0275***	0.0275***
							[0.00171]	[0.00171]	[0.00171]	[0.00171]	[0.00171]	[0.00171]	[0.00171]	[0.00171]	[0.00171]	[0.00171]	[0.00171]	[0.00171]
32.id							-0.00550***	-0.00550***	-0.00550***	-0.00550***	-0.00550***	-0.00550***	-0.00550***	-0.00550***	-0.00550***	-0.00550***	-0.00550***	-0.00550***
							[0.000653]	[0.000653]	[0.000653]	[0.000653]	[0.000653]	[0.000653]	[0.000653]	[0.000653]	[0.000653]	[0.000653]	[0.000653]	[0.000653]
33.id							-0.0185***	-0.0185***	-0.0185***	-0.0185***	-0.0185***	-0.0185***	-0.0185***	-0.0185***	-0.0185***	-0.0185***	-0.0185***	-0.0185***
							[0.00312]	[0.00312]	[0.00312]	[0.00312]	[0.00312]	[0.00312]	[0.00312]	[0.00312]	[0.00312]	[0.00312]	[0.00312]	[0.00312]
34.id							0.0408***	0.0408***	0.0408***	0.0408***	0.0408***	0.0408***	0.0408***	0.0408***	0.0408***	0.0408***	0.0408***	0.0408***
							[0.00394]	[0.00394]	[0.00394]	[0.00394]	[0.00394]	[0.00394]	[0.00394]	[0.00394]	[0.00394]	[0.00394]	[0.00394]	[0.00394]
35.id							-0.0205***	-0.0205***	-0.0205***	-0.0205***	-0.0205***	-0.0205***	-0.0205***	-0.0205***	-0.0205***	-0.0205***	-0.0205***	-0.0205***
							[0.00294]	[0.00294]	[0.00294]	[0.00294]	[0.00294]	[0.00294]	[0.00294]	[0.00294]	[0.00294]	[0.00294]	[0.00294]	[0.00294]
36.id							-0.0145***	-0.0145***	-0.0145***	-0.0145***	-0.0145***	-0.0145***	-0.0145***	-0.0145***	-0.0145***	-0.0145***	-0.0145***	-0.0145***
							[0.00166]	[0.00166]	[0.00166]	[0.00166]	[0.00166]	[0.00166]	[0.00166]	[0.00166]	[0.00166]	[0.00166]	[0.00166]	[0.00166]
37.id							0.0331***	0.0331***	0.0331***	0.0331***	0.0331***	0.0331***	0.0331***	0.0331***	0.0331***	0.0331***	0.0331***	0.0331***
							[0.00233]	[0.00233]	[0.00233]	[0.00233]	[0.00233]	[0.00233]	[0.00233]	[0.00233]	[0.00233]	[0.00233]	[0.00233]	[0.00233]
38.id							-0.0309***	-0.0309***	-0.0309***	-0.0309***	-0.0309***	-0.0309***	-0.0309***	-0.0309***	-0.0309***	-0.0309***	-0.0309***	-0.0309***
							[0.00342]	[0.00342]	[0.00342]	[0.00342]	[0.00342]	[0.00342]	[0.00342]	[0.00342]	[0.00342]	[0.00342]	[0.00342]	[0.00342]
39.id							-0.00282**	-0.00282**	-0.00282**	-0.00282**	-0.00282**	-0.00282**	-0.00282**	-0.00282**	-0.00282**	-0.00282**	-0.00282**	-0.00282**
							[0.00135]	[0.00135]	[0.00135]	[0.00135]	[0.00135]	[0.00135]	[0.00135]	[0.00135]	[0.00135]	[0.00135]	[0.00135]	[0.00135]
40.id							0.0110***	0.0110***	0.0110***	0.0110***	0.0110***	0.0110***	0.0110***	0.0110***	0.0110***	0.0110***	0.0110***	0.0110***
							[0.000556]	[0.000556]	[0.000556]	[0.000556]	[0.000556]	[0.000556]	[0.000556]	[0.000556]	[0.000556]	[0.000556]	[0.000556]	[0.000556]
41.id							0.0236***	0.0236***	0.0236***	0.0236***	0.0236***	0.0236***	0.0236***	0.0236***	0.0236***	0.0236***	0.0236***	0.0236***
							[0.00102]	[0.00102]	[0.00102]	[0.00102]	[0.00102]	[0.00102]	[0.00102]	[0.00102]	[0.00102]	[0.00102]	[0.00102]	[0.00102]
42.id							0.0273***	0.0273***	0.0273***	0.0273***	0.0273***	0.0273***	0.0273***	0.0273***	0.0273***	0.0273***	0.0273***	0.0273***
							[0.00247]	[0.00247]	[0.00247]	[0.00247]	[0.00247]	[0.00247]	[0.00247]	[0.00247]	[0.00247]	[0.00247]	[0.00247]	[0.00247]
43.id							0.0197***	0.0197***	0.0197***	0.0197***	0.0197***	0.0197***	0.0197***	0.0197***	0.0197***	0.0197***	0.0197***	0.0197***
							[0.00143]	[0.00143]	[0.00143]	[0.00143]	[0.00143]	[0.00143]	[0.00143]	[0.00143]	[0.00143]	[0.00143]	[0.00143]	[0.00143]
44.id							0.0125***	0.0125***	0.0125***	0.0125***	0.0125***	0.0125***	0.0125***	0.0125***	0.0125***	0.0125***	0.0125***	0.0125***
							[0.000777]	[0.000777]	[0.000777]	[0.000777]	[0.000777]	[0.000777]	[0.000777]	[0.000777]	[0.000777]	[0.000777]	[0.000777]	[0.000777]
45.id							0.0167***	0.0167***	0.0167***	0.0167***	0.0167***	0.0167***	0.0167***	0.0167***	0.0167***	0.0167***	0.0167***	0.0167***
							[0.00120]	[0.00120]	[0.00120]	[0.00120]	[0.00120]	[0.00120]	[0.00120]	[0.00120]	[0.00120]	[0.00120]	[0.00120]	[0.00120]
46.id							0.0375***	0.0375***	0.0375***	0.0375***	0.0375***	0.0375***	0.0375***	0.0375***	0.0375***	0.0375***	0.0375***	0.0375***
							[0.00198]	[0.00198]	[0.00198]	[0.00198]	[0.00198]	[0.00198]	[0.00198]	[0.00198]	[0.00198]	[0.00198]	[0.00198]	[0.00198]
48.id							0.0254***	0.0254***	0.0254***	0.0254***	0.0254***	0.0254***	0.0254***	0.0254***	0.0254***	0.0254***	0.0254***	0.0254***
							[0.00279]	[0.00279]	[0.00279]	[0.00279]	[0.00279]	[0.00279]	[0.00279]	[0.00279]	[0.00279]	[0.00279]	[0.00279]	[0.00279]
49.id							-0.00681***	-0.00681***	-0.00681***	-0.00681***	-0.00681***	-0.00681***	-0.00681***	-0.00681***	-0.00681***	-0.00681***	-0.00681***	-0.00681***
							[0.00128]	[0.00128]	[0.00128]	[0.00128]	[0.00128]	[0.00128]	[0.00128]	[0.00128]	[0.00128]	[0.00128]	[0.00128]	[0.00128]
50.id							0.0158***	0.0158***	0.0158***	0.0158***	0.0158***	0.0158***	0.0158***	0.0158***	0.0158***	0.0158***	0.0158***	0.0158***
							[0.000624]	[0.000624]	[0.000624]	[0.000624]	[0.000624]	[0.000624]	[0.000624]	[0.000624]	[0.000624]	[0.000624]	[0.000624]	[0.000624]
51.id							-0.0172***	-0.0172***	-0.0172***	-0.0172***	-0.0172***	-0.0172***	-0.0172***	-0.0172***	-0.0172***	-0.0172***	-0.0172***	-0.0172***
							[0.00205]	[0.00205]	[0.00205]	[0.00205]	[0.00205]	[0.00205]	[0.00205]	[0.00205]	[0.00205]	[0.00205]	[0.00205]	[0.00205]
52.id							0.0316***	0.0316***	0.0316***	0.0316***	0.0316***	0.0316***	0.0316***	0.0316***	0.0316***	0.0316***	0.0316***	0.0316***
							[0.00167]	[0.00167]	[0.00167]	[0.00167]	[0.00167]	[0.00167]	[0.00167]	[0.00167]	[0.00167]	[0.00167]	[0.00167]	[0.00167]
53.id							0.00685***	0.00685***	0.00685***	0.00685***	0.00685***	0.00685***	0.00685***	0.00685***	0.00685***	0.00685***	0.00685***	0.00685***
							[0.000907]	[0.000907]	[0.000907]	[0.000907]	[0.000907]	[0.000907]	[0.000907]	[0.000907]	[0.000907]	[0.000907]	[0.000907]	[0.000907]
54.id							-0.00415**	-0.00415**	-0.00415**	-0.00415**	-0.00415**	-0.00415**	-0.00415**	-0.00415**	-0.00415**	-0.00415**	-0.00415**	-0.00415**
							[0.00175]	[0.00175]	[0.00175]	[0.00175]	[0.00175]	[0.00175]	[0.00175]	[0.00175]	[0.00175]	[0.00175]	[0.00175]	[0.00175]
55.id							0.0230***	0.0230***	0.0230***	0.0230***	0.0230***	0.0230***	0.0230***	0.0230***	0.0230***	0.0230***	0.0230***	0.0230***
							[0.00168]	[0.00168]	[0.00168]	[0.00168]	[0.00168]	[0.00168]	[0.00168]	[0.00168]	[0.00168]	[0.00168]	[0.00168]	[0.00168]
bhck7204_inv	0.00789***	0.0205***	0.00519	0.0818***	0.0961***	0.0941***												
	[0.00234]	[0.00258]	[0.00362]	[0.000534]	[0.000582]	[0.000803]												
Constant	0.932***	0.953***	1.121***				0.0726***	0.0726***	0.0726***	0.0726***	0.0726***	0.0726***	0.0726***	0.0726***	0.0726***	0.0726***	0.0726***	0.0726***
	[0.0288]	[0.0317]	[0.0446]				[0.00750]	[0.00750]	[0.00750]	[0.00750]	[0.00750]	[0.00750]	[0.00750]	[0.00750]	[0.00750]	[0.00750]	[0.00750]	[0.00750]
																		
Observations	6,038	6,038	6,038	6,038	6,038	6,038	3,666	3,666	3,666	3,666	3,666	3,666	3,666	3,666	3,666	3,666	3,666	3,666
Adjusted R-squared	0.002	0.010	0.000	0.795	0.818	0.695	0.010	0.010	0.010	0.010	0.010	0.010	0.010	0.010	0.010	0.010	0.010	0.010
Standard errors in brackets																		
*** p<0.01, ** p<0.05, * p<0.1																		
