4.25e−16

7.33e−15

7.68e−15

6.90e−15

4.32e−13

1.89e−13

1.30e−13

4.59e−13

1.45e−13

1.66e−13

1.65e−13

1.05e−13

GE

−1.19e−15**

2.96e−15***

−3.57e−15***

−3.53e−14***

1.86e−14**

−1.52e−13**

−3.69e−14***

1.50e−14

−3.84e−14***

5.33e−16

7.50e−16

5.70e−16

9.47e−15

7.02e−15

5.20e−14

8.23e−15

9.35e−15

9.02e−15

HC

1.00e−14***

2.23e−15

−1.04e−13***

−1.71e−13

−1.10e−13**

−7.46e−14**

2.90e−15

1.75e−15

3.27e−14

1.25e−13

5.48e−14

2.68e−14

RI

−2.55e−15*

2.23e−14

−3.50e−14**

9.86e−16

8.26e−14

1.40e−14

Observations

182

182

182

154

182

182

140

182

182

154

182

182

182

168

182

AR (1)

−6.36 (0.000)

−6.06 (0.000)

−5.680.000)

−16.11 (0.000)

−6.81 (0.000)

−6.02 (0.000)

−5.36 (0.000)

−4.58 (0.000)

−8.33 (0.000)

−11.00 (0.000)

−6.79 (0.000)

−6.45 (0.000)

−7.28 (0.000)

−9.95 (0.000)

−5.01 (0.000)

AR (2)

−0.92 (0.356)

−1.48 (0.138)

−2.83 (0.005)

2.58 (0.010)

−2.29 (0.022)

−1.12 (0.264)

−0.40 (0.688)

−0.68 (0.000)

−0.18 (0.853)

1.60 (0.110)

0.56 (0.573)

−1.07 (0.286)

−2.55 (0.011)

2.98 (0.003)

−2.72 (0.007)

Sargan

174.01 (0.320)

176.79 (0.234)

195.22 (0.038)

123.72 (0.211)

188.39 (0.050)

192.78 (0.076)

207.38 (0.000)

197.21 (0.338)

164.47 (0.019)

154.65 (0.002)

160.44 (0.604)

176.58 (0.238)

180.75 (0149)

155.19 (0.124)

193.38 (0.029)

Number of instruments

182

182

182

154

182

182

140

182

182

154

182

182

182

168

182

Number of group

14

14

14

14

14

14

14

14

14

14

14

14

14

14

14