(1)

(2)

(5)

(6)

High proportion of graduate students and above

Low proportion of

graduate students and above

variable

Apply

Iapply

Apply

Iapply

Esop

0.153**

0.170**

0.131

0.105

(2.09)

(1.97)

(1.59)

(1.25)

Controls

Yes

Yes

Yes

Yes

Year & Industry

Yes

Yes

Yes

Yes

_cons

−8.557***

−4.576***

−6.212***

−8.399***

(−8.33)

(−4.11)

(−5.48)

(−7.26)

N

1083

1083

1012

1012

adj. R²

0.469

0.258

0.257

0.232