Log (TR)

(1)

(2)

(3)

(4)

Drop (−1)

−0.026***

−0.031***

−0.017***

−0.026***

(0.003)

(0.004)

(0.002)

(0.002)

Drop (−1)・CP (−1)

−0.001***

−0.000**

(0.000)

(0.000)

Casino_1

Control

Control

Casino_2

Control

Control

Annual fixed effect

Control

Control

Control

Control

Quarterly fixed effect

Control

Control

Control

Control

Individual fixed effect

Control

Control

Control

Control

Constant term

6.682***

6.676***

6.661***

6.661***

(0.160)

(0.153)

(0.161)

(0.157)

Observations

180

180

180

180

R2

0.525

0.536

0.533

0.537