| (7) | (8) |
| Easy Period | Tight Period |
| Δlev | Δlev |
Dev | 0.386*** | 0.259*** |
| (8.29) | (7.71) |
DEV*MMC | 0.316 | 0.626*** |
| (0.98) | (3.12) |
N | 8025 | 16161 |
Adj-R2 | 0.228 | 0.188 |