	(1)	(2)	(3)	(4)	(5)	(6)
VARIABLES	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***
	[0.00234]	[0.00258]	[0.00362]	[0.000534]	[0.000582]	[0.000803]
Constant	0.932***	0.953***	1.121***			
	[0.0288]	[0.0317]	[0.0446]			
						
Observations	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
Standard errors in brackets						
*** p<0.01, ** p<0.05, * p<0.1						
