TR1

TR2

TR3

TR4

α = 0.5

α = 0.5

α = 0.5

α = 0.75

DEP. VARS.

x = 0.25

x = 0.5

x = 0.75

x = 0.5

period

0.0690^**

0.0488^***

0.0261^***

0.0114

(0.0288)

(0.0127)

(0.00949)

(0.00978)

size_4

−0.150^***

0.0210

0.495^***

0.274

(0.0357)

(0.0623)

(0.0306)

(0.184)

size_8

−0.393

0.0840

0.512^**

0.0219

(0.305)

(0.0922)

(0.233)

(0.160)

constant

0.183

−0.143

−0.582^***

0.00870

(0.362)

(0.198)

(0.172)

(0.112)

observations

960

1,920

960

960