| TR1 | TR2 | TR3 | TR4 |
| α = 0.5 | α = 0.5 | α = 0.5 | α = 0.75 |
DEP. VARS. | x = 0.25 | x = 0.5 | x = 0.75 | x = 0.5 |
period | 0.0690** | 0.0488*** | 0.0261*** | 0.0114 |
| (0.0288) | (0.0127) | (0.00949) | (0.00978) |
size_4 | −0.150*** | 0.0210 | 0.495*** | 0.274 |
| (0.0357) | (0.0623) | (0.0306) | (0.184) |
size_8 | −0.393 | 0.0840 | 0.512** | 0.0219 |
| (0.305) | (0.0922) | (0.233) | (0.160) |
constant | 0.183 | −0.143 | −0.582*** | 0.00870 |
| (0.362) | (0.198) | (0.172) | (0.112) |
observations | 960 | 1,920 | 960 | 960 |