Number of observations = 24,529

Time Period 2005

Pseudo R2 = 0.066

LR Chi Squared = 197.10***

Log Likelihood function −14,784.264

Variables

Standardized coeff.

Marginal effects (dy/dx)

Equity Asset

1.00*** (7.87)

0.0000378*** (7.94)

Marketsize_small

−1.478** (−6.23)

−0.085*** (−5.93)

Marketsize_intermediate

−0.722*** (−6.14)

−0.063*** (−4.80)

Marketsize_large

0.796*** (4.48)

0.045*** (6.32)