Δ D i t = α + β D E F i t + ε i t

sample 1 (1)

sample 2 (2)

β

−0.150282***

(0.0000)

−0.174906***

(0.0000)

N

153

153

R2

0.69766

0.719182

F-test

4.514739***

5.010690***