	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
	Full sample	Full sample	Full sample	Full sample	Post crisis	Post crisis	G10	G10	G10	EM	EM	EM
VARIABLES	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	1/2010-12/2019	1/2010-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019	4/2002-12/2019
												
dVIX	-1.43***	-1.26***	-1.55***	-2.03***	-1.22***	-1.37***	-0.91	-0.42	-2.04	-1.40***	-2.04***	-1.38**
	(0.35)	(0.35)	(0.33)	(0.45)	(0.28)	(0.30)	(0.83)	(0.72)	(1.33)	(0.36)	(0.28)	(0.44)
c.dVIX#cL.AssetsTotDebt		2.18***			2.19***		1.46**	2.00**		2.27**	4.25***	
		(0.52)			(0.52)		(0.55)	(0.62)		(0.91)	(1.15)	
c.dVIX#cL.LiabTotDebt		-1.31**			-1.92***		-1.42	-1.51**		-1.97***	-1.51*	
		(0.50)			(0.46)		(0.84)	(0.61)		(0.65)	(0.84)	
c.dVIX#cL.AssetsTotEquity		-1.08**			-0.68*			-1.06*			-3.90***	
		(0.47)			(0.35)			(0.55)			(1.05)	
c.dVIX#cL.LiabTotEquity		0.00			0.36			-0.02			2.08	
		(0.44)			(0.32)			(0.50)			(1.62)	
c.dVIX#cL.Assets	1.07**											
	(0.48)											
c.dVIX#cL.Liab	-1.09*											
	(0.55)											
c.dVIX#cL.AssetsTotDebt_priv			5.62***			5.33***			4.56			4.90***
			(0.64)			(0.56)			(2.43)			(1.54)
c.dVIX#cL.LiabTotDebt_priv			-4.27***			-4.47***			-3.81**			-4.24
			(0.68)			(0.62)			(1.00)			(2.80)
c.dVIX#cL.AssetsTotDebt_govt			1.39**			1.77***			1.25*			-1.11
			(0.58)			(0.50)			(0.54)			(6.42)
c.dVIX#cL.LiabTotDebt_govt			-1.20			-1.31			5.04			-1.75
			(1.06)			(0.85)			(8.30)			(2.87)
c.dVIX#cL.AssetsTotDebt_bank				7.57*								
				(3.88)								
c.dVIX#cL.LiabTotDebt_bank				-5.25**								
				(2.09)								
c.dVIX#cL.AssetsTotDebt_osect				3.80								
				(2.74)								
c.dVIX#cL.LiabTotDebt_osect				-0.28								
				(2.73)								
												
Observations	5,054	4,810	2,524	3,729	2,778	1,615	1,704	1,704	705	3,106	3,106	1,819
R-squared	0.18	0.19	0.20	0.21	0.15	0.17	0.18	0.18	0.20	0.21	0.22	0.21
Number of cur_nr	25	25	16	21	25	16	9	9	5	16	16	11
Controls	Yes											
Robust standard errors in parentheses												
*** p<0.01, ** p<0.05, * p<0.1												
