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

0.0021

0.0066

0.0398***

0.0034

0.0090

0.0068

0.0330***

0.0048

0.0185***

0.0065

0.0355***

0.0049

EXIT

0.6853***

0.0544

0.3869***

0.0430

0.2918***

0.0414

ENTRY

0.3368***

0.0263

0.3526***

0.0372

0.2940***

0.0399

HHI

0.0074*

0.0038

−0.0090***

0.0029

0.0085**

0.0042

−0.0135***

0.0042

0.0055

0.0040

−0.0127***

0.0042

DMNBR

0.0128**

0.0054

−0.0096**

0.0041

0.0111*

0.0060

−0.0148**

0.0059

0.0085

0.0056

−0.0130**

0.0059

POER

−0.0482***

0.0109

−0.0275**

0.0122

−0.0342***

0.0116

RPG

0.1575*

0.0936

0.0389

0.1040

−0.0193

0.0992

SLTI

0.0138***

0.0038

0.0042

0.0042

−0.0040

0.0040

RCTI

−0.0230

0.0195

−0.0291

0.0286

−0.0208

0.0288

UER

0.0995***

0.0216

0.1541***

0.0317

0.1582***

0.0319

OLDR

0.0183*

0.0108

0.0080

0.0158

0.0020

0.0159

R²

0.1385

0.1407

0.0265

0.1109

0.0222

0.1016

Observations

564

564

564