	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)	(32)	(33)	(34)	(35)	(36)	(37)	(38)	(39)	(40)	(41)	(42)
VARIABLES	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down
																																										
bhck7204_inv	0.00789***	0.0205***	0.00519	0.0818***	0.0961***	0.0941***	0.0106	0.0252***	0.0105	0.0816***	0.0959***	0.0944***	0.00789***	0.0205***	0.00519	0.0818***	0.0961***	0.0941***	0.00789***	0.0205***	0.00519	0.0818***	0.0961***	0.0941***	0.00789***	0.0205***	0.00519	0.0818***	0.0961***	0.0941***	0.00789***	0.0205***	0.00519	0.0818***	0.0961***	0.0941***	0.00789***	0.0205***	0.00519	0.0818***	0.0961***	0.0941***
	[0.00234]	[0.00258]	[0.00362]	[0.000534]	[0.000582]	[0.000803]	[0.00802]	[0.00882]	[0.0125]	[0.00182]	[0.00198]	[0.00275]	[0.00234]	[0.00258]	[0.00362]	[0.000534]	[0.000582]	[0.000803]	[0.00234]	[0.00258]	[0.00362]	[0.000534]	[0.000582]	[0.000803]	[0.00234]	[0.00258]	[0.00362]	[0.000534]	[0.000582]	[0.000803]	[0.00234]	[0.00258]	[0.00362]	[0.000534]	[0.000582]	[0.000803]	[0.00234]	[0.00258]	[0.00362]	[0.000534]	[0.000582]	[0.000803]
Constant	0.932***	0.953***	1.121***				0.898***	0.894***	1.062***				0.932***	0.953***	1.121***				0.932***	0.953***	1.121***				0.932***	0.953***	1.121***				0.932***	0.953***	1.121***				0.932***	0.953***	1.121***			
	[0.0288]	[0.0317]	[0.0446]				[0.0991]	[0.109]	[0.155]				[0.0288]	[0.0317]	[0.0446]				[0.0288]	[0.0317]	[0.0446]				[0.0288]	[0.0317]	[0.0446]				[0.0288]	[0.0317]	[0.0446]				[0.0288]	[0.0317]	[0.0446]			
																																										
Observations	6,038	6,038	6,038	6,038	6,038	6,038	501	501	501	501	501	501	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038	6,038
Adjusted R-squared	0.002	0.010	0.000	0.795	0.818	0.695	0.001	0.014	-0.001	0.801	0.825	0.701	0.002	0.010	0.000	0.795	0.818	0.695	0.002	0.010	0.000	0.795	0.818	0.695	0.002	0.010	0.000	0.795	0.818	0.695	0.002	0.010	0.000	0.795	0.818	0.695	0.002	0.010	0.000	0.795	0.818	0.695
Standard errors in brackets																																										
*** p<0.01, ** p<0.05, * p<0.1																																										
