Case 1

Case 2

Case 3

Entry

Exit

Entry

Exit

Entry

Exit

Coef.

Std. err.

Coef.

Std. err.

Coef.

Std. err.

Coef.

Std. err.

Coef.

Std. err.

Coef.

Std. err.

Constant

0.0205

0.0167

0.0432***

0.0045

0.0289**

0.0141

0.0254***

0.0092

0.0335**

0.0138

0.0261**

0.0105

EXIT

0.4038*

0.2439

0.0409

0.2105

0.0376

0.2042

ENTRY

0.2238***

0.0838

0.6399**

0.2975

0.6336*

0.3531

HHI

0.0036

0.0052

−0.0090***

0.0030

0.0015

0.0060

−0.0126**

0.0051

0.0003

0.0058

−0.0127***

0.0048

DMNBR

0.0093

0.0063

−0.0083**

0.0042

0.0035

0.0076

−0.0148**

0.0072

0.0031

0.0071

−0.0144**

0.0069

POER

−0.0529***

0.0116

−0.0318**

0.0133

−0.0375***

0.0126

RPG

0.1323

0.1014

−0.0168

0.1160

−0.0558

0.1088

SLTI

0.0165***

0.0044

0.0066

0.0047

−0.0031

0.0043

RCTI

−0.0154

0.0203

−0.0215

0.0326

−0.0085

0.0340

UER

0.1174***

0.0231

0.1560***

0.0393

0.1669***

0.0363

OLDR

0.0152

0.0113

0.0102

0.0195

0.0110

0.0199

R2

0.1836

0.1833

0.0362

0.0969

0.0306

0.0759

Observations

564

564

564