1

2

3

4

5

6

Intercept

0.091 (0.41)

0.077 (0.12)

0.153 (0.23)

0.143 (0.22)

0.146 (0.22)

0.134 (0.21)

Index

0.775^*** (24.26)

0.775^*** (24.26)

0.778^*** (24.23)

0.776^*** (24.23)

0.776^*** (24.25)

0.776^*** (24.25)

Spread

0.091^*** (2.86)

0.093^*** (2.91)

0.092^*** (2.88)

0.091^*** (2.90)

0.091^*** (2.86)

0.090^*** (2.86)

PIN

−34.21^*** (−3.20)

−26.23^*** (−4.09)

−26.73^*** (−4.17)

PIN^H

−32.49^*** (−11.17)

−24.83^*** (−11.62)

−25.22^*** (−11.81)

PIN^L

7.275^** (2.27)

4.736^** (2.06)

3.088^** (2.17)