Inst

−0.0858

[0.0879]

0.0107

[0.1053]

0.0430

[0.0648]

0.0247

[0.0754]

0.0281

[0.0741]

0.0100

[0.0735]

N

261

261

261

261

261

232

No. of Group

29

29

29

29

29

29

No. of IVs

29

29

29

29

29

26

AR(2) test

0.900

0.907

0.878

0.888

0.899

0.838

Sargan test

0.496

0.508

0.500

0.492

0.503

0.130

Hansen test

0.384

0.397

0.381

0.396

0.397

0.665