Constant term

2.0403

(0.81)

1.6816

(0.78)

3.5342

(0.99)

0.7344

(0.21)

3.8387

(1.35)

8.6585

(1.41)

Time Effect

Individual Effect

Observations

689

689

689

689

689

689

Overall R2

0.5481

0.4345

Adjusted R2

0.4730

0.5922

Within R2

0.7838

0.3465