Mean dependent var

62.199

SD dependent var

18.312

Number of obs

112

F-test

232.976

Arellano-Bond test for AR(1) in first differences: z = −2.62 Pr > z = 0.009

Arellano-Bond test for AR(2) in first differences: z = −0.27 Pr > z = 0.787

Sargan test of overid. restrictions: chi² (10) = 10.32 Prob > chi² = 0.413

(Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi² (10) = 14.03 Prob > chi² = 0.172

(Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets:

GMM instruments for levels

Hansen test excluding group: chi² (7) = 11.88 Prob > chi² = 0.105

Difference (null H = exogenous): chi² (3) = 2.15 Prob > chi² = 0.542