(1)

(2)

(3)

(4)

A. FMOLS

π 1

−0.120 (0.094)

0.118 (0.096)

π 1 D Z I R

−0.832* (0.478)

π 1 D Q E

0.118 (0.178)

π 1 D C E

0.537*** (0.188)

π 1 D Q Q E

−1.274*** (0.192)

π 2

−0.127 (0.105)

0.147 (0.110)

π 2 D Z I R

−1.801** (0.719)

π 2 D Q E

−0.023 (0.166)

π 2 D C E

0.373** (0.169)

π 2 D Q Q E

−1.636*** (0.254)

B. DOLS

π 1

−0.107 (0.110)

0.105 (0.077)

π 1 D Z I R

−0.754*** (0.191)

π 1 D Q E

0.140 (0.160)

π 1 D C E

0.517* (0.263)

π 1 D Q Q E

−1.250*** (0.179)

π 2

−0.105 (0.136)

0.138 (0.102)

π 2 D Z I R

−1.900*** (0.541)

π 2 D Q E

−0.015 (0.137)

π 2 D C E

0.362* (0.210)

π 2 D Q Q E

−1.585*** (0.293)