| Independent Variables | Model (A1) | Model (A2) | Model (A3) | |||||||
| Coefficient | t-Stat | Coefficient | t-Stat | Coefficient | t-Stat | |||||
| Intercept | 10.089 | *** | 91.55 | 9.770 | *** | 89.32 | 9.459 | *** | 86.90 | |
| NI | 5.064 | *** | 101.59 | 4.219 | *** | 79.25 | 3.135 | *** | 53.93 | |
| Dup × NI | 3.170 | *** | 71.99 |
|
|
|
|
|
| |
| Dup,1 × NI |
|
|
| 1.067 | *** | 16.04 | 2.423 | *** | 33.37 | |
| Dup,2 × NI |
|
|
| 2.016 | *** | 31.21 | 3.376 | *** | 47.57 | |
| Dup,3 × NI |
|
|
| 2.049 | *** | 30.63 | 3.422 | *** | 46.79 | |
| Dup,4 × NI |
|
|
| 2.744 | *** | 39.87 | 4.125 | *** | 55.03 | |
| Dup,5 × NI |
|
|
| 3.556 | *** | 43.32 | 4.941 | *** | 56.68 | |
| Dup,6 × NI |
|
|
| 3.901 | *** | 43.66 | 5.265 | *** | 56.14 | |
| Dup,7 × NI |
|
|
| 4.478 | *** | 38.75 | 5.834 | *** | 49.16 | |
| Dup,8 × NI |
|
|
| 3.623 | *** | 28.60 | 4.993 | *** | 38.57 | |
| Dup,9 × NI |
|
|
| 5.173 | *** | 72.32 | 6.548 | *** | 84.63 | |
| Break × NI |
|
|
|
|
| 2.760 | *** | 44.85 | ||
| GROWTH × NI | 0.346 | *** | 5.42 | −0.037 |
| −0.58 | −0.374 | *** | −5.84 | |
| EVAR × NI | −0.001 | *** | −16.78 | −0.001 | *** | −14.68 | −0.001 | *** | −11.78 | |
| DE × NI | −0.072 | *** | −12 | −0.051 | *** | −8.48 | −0.032 | *** | −5.44 | |
| BVE | 0.813 | *** | 181.45 | 0.792 | *** | 177.05 | 0.760 | *** | 168.85 | |
| N | 143,249 | 143,249 | 143,249 | |||||||
| Adj. R2 | 0.55 | 0.55 | 0.56 | |||||||
| F-Statistic | 2100.75*** | 1980.95*** | 2008.79*** | |||||||
| p-value | (<0.0001) | (<0.0001) | (<0.0001) | |||||||