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