(1)

(2)

(3)

(4)

(5)

(6)

Aiud

aiud

aiu

aiu

ainva

ainva

the treat

2989.136

1327.960

2264.639

967.677

1011.141

374.303

(4.08)

(3.23)

(4.47)

(3.65)

(3.96)

(2.70)

(8.56)

(−0.57)

(8.65)

(−0.41)

(8.01)

(−0.87)

pgdp

0.056

0.042

0.021

(2.24)

(2.28)

(2.17)

secience

0.035

0.028

0.014

(4.16)

(4.11)

(4.38)

Thi

1.007

0.201

−0.284

(0.79)

(0.22)

(-0.52)

Sec

−71.587

−46.688

−14.627

(−3.39)

(−3.04)

(−1.74)

Pd

−0.004

−0.002

0.004

(−0.16)

(−0.16)

(0.40)

Fc

0.017

0.011

0.005

(2.42)

(2.11)

(2.02)

hstudent

0.006

0.007

0.004

(1.63)

(2.67)

(2.30)

_cons

141.862

2504.861

54.001

1526.846

−19.528

354.563

(0.55)

(3.32)

(0.28)

(2.80)

(−0.19)

(1.27)

FIX

YES

YES

YES

YES

YES

YES

N

3997

3896

3997

3896

3997

3896

r2_a

0.213

0.676

0.218

0.695

0.182

0.671

F

8.028

21.354

8.025

26.800

6.930

32.714