	(1)	(2)	(3)	(4)
VARIABLES	mean_beta	beta_log_fwd	beta_log_fwd_up	beta_log_fwd_down
				
bhck7204_inv	0.00898	0.0346***	0.00777***	0.0612***
	(0.00760)	[0.00222]	[0.00272]	[0.00339]
39.year_month_num		0.00362	0.0506	0
		[0.0992]	[0.121]	[0.151]
40.year_month_num		0.0161	0.0832	0.0121
		[0.0992]	[0.121]	[0.151]
42.year_month_num		-0.0934	-0.134	-0.0901
		[0.0985]	[0.120]	[0.150]
43.year_month_num		-0.0853	-0.130	-0.0740
		[0.0985]	[0.120]	[0.150]
44.year_month_num		-0.0541	-0.0599	-0.0740
		[0.0985]	[0.120]	[0.150]
45.year_month_num		-0.0222	-6.39e-05	-0.0460
		[0.0992]	[0.121]	[0.151]
46.year_month_num		-0.0154	-6.39e-05	-0.0597
		[0.0992]	[0.121]	[0.151]
47.year_month_num		-0.00797	-6.39e-05	-0.0806
		[0.0992]	[0.121]	[0.151]
48.year_month_num		-0.00945	0	-0.0527
		[0.0992]	[0.121]	[0.151]
49.year_month_num		0.0125	0.0729	0.0121
		[0.0992]	[0.121]	[0.151]
50.year_month_num		0.0984	0.103	0.0701
		[0.0992]	[0.121]	[0.151]
51.year_month_num		0.106	0.140	0.0759
		[0.0992]	[0.121]	[0.151]
52.year_month_num		0.119	0.166	0.0489
		[0.0992]	[0.121]	[0.151]
53.year_month_num		0.0132	0.0786	0.00285
		[0.0992]	[0.121]	[0.151]
54.year_month_num		0.0381	0.0834	0.00516
		[0.0992]	[0.121]	[0.151]
55.year_month_num		0.0210	0.0656	0.00516
		[0.0992]	[0.121]	[0.151]
56.year_month_num		0.0451	0.0656	0.0129
		[0.0992]	[0.121]	[0.151]
57.year_month_num		0.0564	0.0679	0.0191
		[0.0992]	[0.121]	[0.151]
58.year_month_num		0.106	0.0673	0.0441
		[0.0992]	[0.121]	[0.151]
59.year_month_num		0.154	0.0813	0.0595
		[0.0992]	[0.121]	[0.151]
60.year_month_num		0.163	0.106	0.0728
		[0.0992]	[0.121]	[0.151]
61.year_month_num		0.183*	0.152	0.0600
		[0.0992]	[0.121]	[0.151]
62.year_month_num		-0.104	0.134	0.0479
		[0.0992]	[0.121]	[0.151]
63.year_month_num		-0.216**	0.119	0.0479
		[0.0992]	[0.121]	[0.151]
64.year_month_num		-0.133	0.117	0.0625
		[0.0992]	[0.121]	[0.151]
65.year_month_num		0.0181	0.156	0.0565
		[0.0992]	[0.121]	[0.151]
66.year_month_num		0.0812	0.147	0.0480
		[0.0992]	[0.121]	[0.151]
67.year_month_num		0.0770	0.132	0.0480
		[0.0992]	[0.121]	[0.151]
68.year_month_num		-0.00449	0.140	0.0480
		[0.0992]	[0.121]	[0.151]
69.year_month_num		-0.0533	0.122	0.0425
		[0.0992]	[0.121]	[0.151]
70.year_month_num		0.266***	0.120	0.0591
		[0.0992]	[0.121]	[0.151]
71.year_month_num		0.194*	0.140	0.0591
		[0.0992]	[0.121]	[0.151]
72.year_month_num		0.208**	0.137	0.0629
		[0.0992]	[0.121]	[0.151]
73.year_month_num		-0.149	0.126	0.0625
		[0.0992]	[0.121]	[0.151]
74.year_month_num		0.320***	0.202*	0.107
		[0.0985]	[0.120]	[0.150]
75.year_month_num		0.326***	0.204*	0.107
		[0.0985]	[0.120]	[0.150]
76.year_month_num		0.357***	0.233*	0.122
		[0.0979]	[0.120]	[0.149]
77.year_month_num		0.0795	0.122	0.0641
		[0.0992]	[0.121]	[0.151]
78.year_month_num		0.149	0.124	0.0728
		[0.0992]	[0.121]	[0.151]
79.year_month_num		0.193*	0.0903	0.0697
		[0.0992]	[0.121]	[0.151]
80.year_month_num		0.239**	0.132	0.0734
		[0.0992]	[0.121]	[0.151]
81.year_month_num		0.256***	0.172	0.0811
		[0.0985]	[0.120]	[0.150]
82.year_month_num		0.256***	0.168	0.0811
		[0.0985]	[0.120]	[0.150]
83.year_month_num		0.301***	0.168	0.0823
		[0.0985]	[0.120]	[0.150]
84.year_month_num		0.324***	0.207*	0.101
		[0.0985]	[0.120]	[0.150]
85.year_month_num		0.355***	0.233*	0.140
		[0.0979]	[0.120]	[0.149]
86.year_month_num		0.368***	0.229*	0.168
		[0.0979]	[0.120]	[0.149]
87.year_month_num		0.362***	0.168	0.154
		[0.0973]	[0.119]	[0.148]
88.year_month_num		0.365***	0.127	0.159
		[0.0973]	[0.119]	[0.148]
89.year_month_num		0.324***	0.233*	0.133
		[0.0979]	[0.120]	[0.149]
90.year_month_num		0.328***	0.240**	0.133
		[0.0979]	[0.120]	[0.149]
91.year_month_num		0.339***	0.240**	0.141
		[0.0979]	[0.120]	[0.149]
92.year_month_num		0.348***	0.232*	0.137
		[0.0979]	[0.120]	[0.149]
93.year_month_num		0.350***	0.218*	0.131
		[0.0979]	[0.120]	[0.149]
94.year_month_num		0.355***	0.228*	0.151
		[0.0979]	[0.120]	[0.149]
95.year_month_num		0.346***	0.233*	0.151
		[0.0979]	[0.120]	[0.149]
96.year_month_num		0.363***	0.214*	0.166
		[0.0973]	[0.119]	[0.148]
97.year_month_num		0.398***	0.127	0.154
		[0.0973]	[0.119]	[0.148]
98.year_month_num		0.441***	0.144	0.127
		[0.0973]	[0.119]	[0.148]
99.year_month_num		0.471***	0.143	0.127
		[0.0973]	[0.119]	[0.148]
100.year_month_num		0.475***	0.140	0.133
		[0.0973]	[0.119]	[0.148]
101.year_month_num		0.401***	0.129	0.154
		[0.0973]	[0.119]	[0.148]
102.year_month_num		0.399***	0.129	0.135
		[0.0973]	[0.119]	[0.148]
103.year_month_num		0.399***	0.131	0.135
		[0.0973]	[0.119]	[0.148]
104.year_month_num		0.395***	0.145	0.135
		[0.0973]	[0.119]	[0.148]
105.year_month_num		0.400***	0.145	0.133
		[0.0973]	[0.119]	[0.148]
106.year_month_num		0.400***	0.145	0.130
		[0.0973]	[0.119]	[0.148]
107.year_month_num		0.403***	0.145	0.110
		[0.0973]	[0.119]	[0.148]
108.year_month_num		0.434***	0.142	0.127
		[0.0973]	[0.119]	[0.148]
109.year_month_num		0.475***	0.156	0.133
		[0.0973]	[0.119]	[0.148]
110.year_month_num		0.473***	0.156	0.0951
		[0.0973]	[0.119]	[0.148]
111.year_month_num		0.477***	0.141	0.0951
		[0.0973]	[0.119]	[0.148]
112.year_month_num		0.461***	0.139	0.0559
		[0.0979]	[0.120]	[0.149]
113.year_month_num		0.480***	0.148	0.133
		[0.0973]	[0.119]	[0.148]
114.year_month_num		0.481***	0.147	0.118
		[0.0973]	[0.119]	[0.148]
115.year_month_num		0.487***	0.137	0.118
		[0.0973]	[0.119]	[0.148]
116.year_month_num		0.493***	0.138	0.118
		[0.0973]	[0.119]	[0.148]
117.year_month_num		0.483***	0.137	0.106
		[0.0973]	[0.119]	[0.148]
118.year_month_num		0.481***	0.137	0.108
		[0.0973]	[0.119]	[0.148]
119.year_month_num		0.474***	0.137	0.112
		[0.0973]	[0.119]	[0.148]
120.year_month_num		0.465***	0.154	0.0951
		[0.0973]	[0.119]	[0.148]
121.year_month_num		0.460***	0.139	0.0864
		[0.0979]	[0.120]	[0.149]
122.year_month_num		0.623***	0.172	0.253*
		[0.0979]	[0.120]	[0.149]
123.year_month_num		0.907***	0.172	1.259***
		[0.0979]	[0.120]	[0.149]
124.year_month_num		0.982***	0.186	1.434***
		[0.0981]	[0.120]	[0.150]
125.year_month_num		0.507***	0.139	0.136
		[0.0979]	[0.120]	[0.149]
126.year_month_num		0.503***	0.141	0.181
		[0.0979]	[0.120]	[0.149]
127.year_month_num		0.507***	0.141	0.166
		[0.0979]	[0.120]	[0.149]
128.year_month_num		0.515***	0.159	0.166
		[0.0979]	[0.120]	[0.149]
129.year_month_num		0.541***	0.148	0.197
		[0.0979]	[0.120]	[0.149]
130.year_month_num		0.476***	0.148	0.0978
		[0.0979]	[0.120]	[0.149]
131.year_month_num		0.496***	0.148	0.0193
		[0.0979]	[0.120]	[0.149]
132.year_month_num		0.501***	0.172	0.0263
		[0.0979]	[0.120]	[0.149]
133.year_month_num		0.987***	0.157	1.434***
		[0.0981]	[0.120]	[0.150]
134.year_month_num		0.666***	0.0378	0.748***
		[0.0952]	[0.116]	[0.145]
135.year_month_num		0.650***	0.0378	0.761***
		[0.0952]	[0.116]	[0.145]
136.year_month_num		0.647***	0.0263	0.768***
		[0.0957]	[0.117]	[0.146]
137.year_month_num		0.766***	0.157	0.826***
		[0.0981]	[0.120]	[0.150]
138.year_month_num		0.728***	0.142	0.651***
		[0.0957]	[0.117]	[0.146]
139.year_month_num		0.716***	0.122	0.651***
		[0.0957]	[0.117]	[0.146]
140.year_month_num		0.710***	0.0768	0.651***
		[0.0957]	[0.117]	[0.146]
141.year_month_num		0.686***	0.0426	0.634***
		[0.0951]	[0.116]	[0.145]
142.year_month_num		0.681***	0.0426	0.728***
		[0.0951]	[0.116]	[0.145]
143.year_month_num		0.673***	0.0166	0.728***
		[0.0951]	[0.116]	[0.145]
144.year_month_num		0.664***	0.0208	0.748***
		[0.0952]	[0.116]	[0.145]
145.year_month_num		0.649***	0.0325	0.765***
		[0.0952]	[0.116]	[0.145]
146.year_month_num		0.717***	0.145	0.854***
		[0.0947]	[0.116]	[0.144]
147.year_month_num		0.696***	0.170	0.854***
		[0.0947]	[0.116]	[0.144]
148.year_month_num		0.687***	0.160	0.848***
		[0.0947]	[0.116]	[0.144]
149.year_month_num		0.735***	0.0325	0.807***
		[0.0952]	[0.116]	[0.145]
150.year_month_num		0.736***	0.0315	0.789***
		[0.0951]	[0.116]	[0.145]
151.year_month_num		0.729***	0.0243	0.789***
		[0.0951]	[0.116]	[0.145]
152.year_month_num		0.725***	0.0380	0.789***
		[0.0951]	[0.116]	[0.145]
153.year_month_num		0.751***	0.0263	0.909***
		[0.0946]	[0.116]	[0.144]
154.year_month_num		0.725***	0.0263	0.923***
		[0.0946]	[0.116]	[0.144]
155.year_month_num		0.749***	0.0666	0.923***
		[0.0946]	[0.116]	[0.144]
156.year_month_num		0.696***	0.0680	0.854***
		[0.0947]	[0.116]	[0.144]
157.year_month_num		0.655***	0.0377	0.848***
		[0.0947]	[0.116]	[0.144]
158.year_month_num		0.571***	0.0351	0.577***
		[0.0947]	[0.116]	[0.144]
159.year_month_num		0.519***	-0.126	0.577***
		[0.0947]	[0.116]	[0.144]
160.year_month_num		0.517***	-0.126	0.664***
		[0.0947]	[0.116]	[0.144]
161.year_month_num		0.657***	0.0296	0.848***
		[0.0947]	[0.116]	[0.144]
162.year_month_num		0.677***	0.0481	0.859***
		[0.0947]	[0.116]	[0.144]
163.year_month_num		0.677***	0.0364	0.859***
		[0.0947]	[0.116]	[0.144]
164.year_month_num		0.686***	0.0362	0.859***
		[0.0947]	[0.116]	[0.144]
165.year_month_num		0.688***	0.0369	0.875***
		[0.0947]	[0.116]	[0.144]
166.year_month_num		0.688***	0.0369	0.879***
		[0.0947]	[0.116]	[0.144]
167.year_month_num		0.681***	0.0369	0.894***
		[0.0947]	[0.116]	[0.144]
168.year_month_num		0.613***	0.0351	0.717***
		[0.0947]	[0.116]	[0.144]
169.year_month_num		0.519***	-0.0924	0.664***
		[0.0947]	[0.116]	[0.144]
170.year_month_num		0.476***	-0.168	1.024***
		[0.0942]	[0.115]	[0.144]
171.year_month_num		0.482***	-0.168	1.021***
		[0.0942]	[0.115]	[0.144]
172.year_month_num		0.477***	-0.224*	1.016***
		[0.0942]	[0.115]	[0.144]
173.year_month_num		0.501***	-0.146	0.664***
		[0.0947]	[0.116]	[0.144]
174.year_month_num		0.510***	-0.137	0.689***
		[0.0942]	[0.115]	[0.144]
175.year_month_num		0.493***	-0.129	0.689***
		[0.0942]	[0.115]	[0.144]
176.year_month_num		0.487***	-0.129	0.798***
		[0.0942]	[0.115]	[0.144]
177.year_month_num		0.475***	-0.130	1.025***
		[0.0942]	[0.115]	[0.144]
178.year_month_num		0.486***	-0.115	1.025***
		[0.0942]	[0.115]	[0.144]
179.year_month_num		0.486***	-0.167	1.025***
		[0.0942]	[0.115]	[0.144]
180.year_month_num		0.482***	-0.167	1.024***
		[0.0942]	[0.115]	[0.144]
181.year_month_num		0.476***	-0.199*	1.016***
		[0.0942]	[0.115]	[0.144]
182.year_month_num		0.446***	-0.307***	0.909***
		[0.0942]	[0.115]	[0.144]
183.year_month_num		0.447***	-0.312***	0.909***
		[0.0942]	[0.115]	[0.144]
184.year_month_num		0.423***	-0.313***	0.909***
		[0.0942]	[0.115]	[0.144]
185.year_month_num		0.468***	-0.229**	1.016***
		[0.0942]	[0.115]	[0.144]
186.year_month_num		0.473***	-0.233**	1.025***
		[0.0942]	[0.115]	[0.144]
187.year_month_num		0.464***	-0.247**	1.025***
		[0.0942]	[0.115]	[0.144]
188.year_month_num		0.472***	-0.304***	1.025***
		[0.0942]	[0.115]	[0.144]
189.year_month_num		0.455***	-0.242**	1.032***
		[0.0942]	[0.115]	[0.144]
190.year_month_num		0.482***	-0.242**	0.913***
		[0.0942]	[0.115]	[0.144]
191.year_month_num		0.446***	-0.343***	0.913***
		[0.0942]	[0.115]	[0.144]
192.year_month_num		0.420***	-0.343***	0.909***
		[0.0942]	[0.115]	[0.144]
193.year_month_num		0.421***	-0.314***	0.909***
		[0.0942]	[0.115]	[0.144]
Constant	0.912***	0.192**	1.058***	0.0134
	(0.0926)	[0.0764]	[0.0933]	[0.116]
				
Observations	531	6,038	6,038	6,038
R-squared	0.003			
Adjusted R-squared		0.229	0.061	0.252
Standard errors in parentheses				
*** p<0.01, ** p<0.05, * p<0.1				
