Panel C: Year 2007-2011

(1)

(2)

(3)

(4)

(5)

(6)

DEF

0.117***

0.172***

0.163***

(0.005)

(0.032)

(0.040)

DTLR^Under

0.755***

0.431**

0.157

0.699***

0.428**

0.283

(0.031)

(0.208)

(0.328)

(0.029)

(0.194)

(0.226)

DTLR^Over

0.689***

0.601***

0.366***

0.631***

0.526***

0.282***

(0.019)

(0.103)

(0.118)

(0.018)

(0.101)

(0.109)

Cons

−0.002

−0.166*

−0.005***

−0.136

(0.002)

(0.096)

(0.002)

(0.088)

Estimators

FE

DGMM

SGMM

FE

DGMM

SGMM

AR2

0.19

0.60

0.08

0.26

Sargan test

0.00

0.00

0.00

0.00

Hansen test

0.06

0.22

0.17

0.36

T-test

0.00

0.00

0.00

F-test

0.11

0.52

0.62

0.08

0.70

1.00

r2

0.41

0.48

N

5102

4997

5102

5102

4997

5102