Table 7.

Estimated results of investment opportunity heterogeneity.

	(1)	(2)	(3)	(4)
Variables	CS	rCS	CS	rCS
RED (Low)	−0.1651	−0.9709
	(0.9783)	(0.8359)
RED (High)	−3.0408***	−2.4596***
	(0.8616)	(0.6067)
rRED (Low)			−1.0793**	−1.3555***
			(0.4722)	(0.3817)
rRED (High)			−3.0968***	−2.6581***
			(0.9225)	(0.6664)
Industry FE	YES	YES	YES	YES
Industry $\times$ Covid	YES	YES	YES	YES
Year FE	YES	YES	YES	YES
Control variables	YES	YES	YES	YES
Observations	33,015	33,015	33,015	33,015
R-squared	0.2028	0.1121	0.2036	0.1128
N	3613	3613	3613	3613

Note: Standard deviations are in parentheses. *, **, and *** denote statistical significance at the 10%, 5%, and 1% level, respectively.