GLS regression results

Coefficients

Panel A

Panel B

Panel C

Panel D

Panel E

Panel F

Panel G

β₀

1.109

(2230.92)*

1.114

(1972.12)*

1.123

(6732.98)*

1.045

(704.63)*

−3.847

(−51.55)*

3.871

(−74.50)*

−0.500

(−42.19)*

β₁

0.074

(35.87)*

0.068

(32.76)*

0.068

(64.89)*

0.050

(19.47)*

0.011

(2.12)*

0.010

(2.61)*

0.007

(12.58)*

β₂

−0.192

(−82.87)*

0.199

(−41.13)*

−0.193

(−165.21)*

−0.199

(−30.51)*

−0.130

(−26.19)*

−0.141

(−56.66)*

−0.025

(−35.09)*

β₃

0.059

(35.47)*

0.054

(49.23)*

0.053

(225.04)*

0.043

(29.95)*

0.044

(11.94)*

0.041

(14.81)*

−0.006

(−19.35)*

β₄

0.009

(4.26)*

0.05

(2.24)**

0.009

(11.55)*

−0.038

(−9.49)*

−0.024

(−7.96)*

−0.029

(−16.34)*

−0.028

(52.19)*

β₅

0.092

(9.04)*

0.097

(13.42)*

0.141

(25.01)*

0.103

(7.49)*

0.115

(25.04)*

0.003

(3.16)*

β₆

0.079

(77.33)*

0.085

(73.37)*

0.109

(6.53)*

0.147

(6.51)*

0.145

(19.83)*

−0.048

(−49.92)*

β₇

−0.055

(−53.60)*

−0.036

(−14.72)*

−0.037

(−12.71)*

−0.038

(−14.05)*

−0.022

(−28.92)*

β₈

0.027

(70.66)*

0.024

(96.78)*

0.024

(69.62)*

0.001

(34.90)*

β₉

0.196

(65.36)*

0.197

(95.56)*

0.019

(34.66)*

β₁₀

−0.025

(−7.71)*

−0.033

(−10.65)*

0.020

(10.22)*

β₁₁

−0.033

(−10.41)*

−0.033

(−3.55)*

−0.006

(−5.98)*

β₁₂

0.000

(33.47)*

0.000

(32.29)*

β₁₃

0.015

(2.92)*

0.021

(28.15)*

β₁₄

0.019

(3.46)*

−0.007

(−7.16)*

β₁₅

0.996

(2969.81)*

β₁₆

0.000

(35.59)*

R²

0.997

0.997

0.999

0.997

0.993

0.987

0.999

Adjusted R²

0.997

0.997

0.999

0.997

0.993

0.987

0.999