Number of observations = 22,996

Time period 2009

Pseudo R2 = 0.049

LR Chi Squared = 146.04***

Log Likelihood function −14,809.793

Independent Variables

Standardized coeff.

Marginal effects (dy/dx)

Equity Asset

0.103*** (7.12)

0.0000157*** (7.14)

Marketsize_small

−0.072*** (−6.37)

−0.088*** (−6.13)

Marketsize_intermediate

−0.057*** (−4.51)

−0.064*** (−4.76)

Marketsize_large

0.053*** (6.11)

0.045*** (6.25)