| Variable | (1) | (2) |
| first stage | second stage | |
| DI | lnapply | |
| L.DI | 0.855*** |
|
| (0.005) |
| |
| DI |
| 0.094*** |
|
| (0.008) | |
| Constant | −0.131 | −7.961*** |
| (0.145) | (0.202) | |
| Observations | 13,495 | 13,495 |
| R-squared | 0.789 | 0.215 |