| lnMW | Public | lnMW*public | Constants | R2 | ||
Panel A: 1993-1995 | |||||||
1st | 1.213*** | 3.200 | −0.488 | −5.638** | 0.172 | ||
5th | 1.021*** | 3.034*** | −0.483*** | −3.113*** | 0.176 | ||
10th | 0.925*** | 2.368*** | −0.378*** | −1.752*** | 0.186 | ||
20th | 0.896*** | 2.301*** | −0.378*** | −0.934*** | 0.190 | ||
30th | 0.879*** | 1.954*** | −0.317*** | −0.414* | 0.191 | ||
40th | 0.898*** | 1.939*** | −0.316*** | −0.240 | 0.194 | ||
50th | 0.882*** | 1.613*** | −0.260*** | 0.065 | 0.200 | ||
60th | 0.932*** | 1.703*** | −0.277*** | −0.027 | 0.207 | ||
70th | 0.987*** | 1.795*** | −0.295*** | −0.037 | 0.215 | ||
80th | 1.051*** | 1.926*** | −0.320*** | −0.136 | 0.228 | ||
90th | 1.176*** | 2.046*** | −0.350*** | −0.499* | 0.245 | ||
Panel B: 1998-2002 | |||||||
1st | 1.034*** | −0.544 | 0.141 | −3.936*** | 0.075 | ||
5th | 0.953*** | −0.075 | 0.053 | −2.206*** | 0.121 | ||
10th | 0.961*** | 0.032 | 0.035 | −1.616*** | 0.130 | ||
20th | 0.918*** | −0.068 | 0.054 | −0.930*** | 0.151 | ||
30th | 0.926*** | 0.061 | 0.029 | −0.634*** | 0.161 | ||
40th | 0.938*** | 0.229* | −0.004 | −0.467*** | 0.164 | ||
50th | 0.944*** | 0.500*** | −0.055** | −0.315** | 0.163 | ||
60th | 0.939*** | 0.426*** | −0.047** | −0.098 | 0.161 | ||
70th | 1.002*** | 0.520*** | −0.068*** | −0.245 | 0.160 | ||
80th | 1.111*** | 0.722*** | −0.111*** | −0.660*** | 0.163 | ||
90th | 1.209*** | 1.021*** | −0.171*** | −0.816*** | 0.164 | ||
Panel C: 2007-2013 | |||||||
1st | 1.063*** | 1.852 | −0.331 | −7.502*** | 0.166 | ||
5th | 1.121*** | 0.762* | −0.126* | −6.342*** | 0.137 | ||
10th | 1.152*** | 1.391*** | −0.228 | −4.803*** | 0.138 | ||
20th | 1.128*** | 2.167*** | −0.316 | −3.341*** | 0.155 | ||
30th | 1.098*** | 2.256*** | −0.327 | −2.635*** | 0.165 | ||
40th | 1.093*** | 2.661*** | −0.387 | −2.223*** | 0.167 | ||
50th | 1.043*** | 2.746*** | −0.400 | −1.667*** | 0.170 | ||
60th | 1.012*** | 2.693*** | −0.392 | −1.248*** | 0.173 | ||
70th | 0.995*** | 2.787*** | −0.409 | −0.909*** | 0.175 | ||
80th | 0.943*** | 2.386*** | −0.350 | −0.275*** | 0.177 | ||
90th | 0.922*** | 2.231*** | −0.331 | 0.234*** | 0.177 | ||