tend

2008:1

0.11

(−7.18)***

2008:1

0.02

(−4.62)**

2008:1

−0.01

(−3.45)

const

2012:1

0.25

(−6.34)***

2012:1

0.32

(−3.70)

2012:2

0.45

(−2.39)

Primary expenses

both

2005:3

0.60

(−4.21)

2005:3

0.55

(−3.98)

2005:3

0.47

(−4.17)

tend

1999:1

0.69

(−3.68)

1998:4

0.67

(−3.45)

2010:1

0.55

(−4.01)

const

2005:3

0.60

(−4.24)

2005:3

0.55

(−4.07)

2005:3

0.44

(−4.49)

Panel III—Ipea

Net revenues

both

2008:3

0.13

(−7.13)***

2008:3

0.05

(−4.60)

2007:1

0.11

(−3.24)

tend

2008:1

0.14

(−7.00)***

2011:2

0.19

(−4.50)**

2008:1

0.13

(−3.14)

const

2012:1

0.26

(−6.35)***

2012;1

0.32

(−3.79)

2012:1

0.48

(−2.42)

Primary expenses

both

2005:3

0.62

(−4.15)

2005:3

0.62

(−3.42)

2008:2

0.52

(−4.06)

tend

1999:1

0.72

(−3.54)

1998:4

0.73

(−2.97)

2010:1

0.61

(−3.74)

const

2005:3

0.63

(−4.20)

2005:3

0.62

(−3.60)

2005:3

0.52

(−4.14)